Featured Image Credit: Getty
Topics: Manchester United, Football, Paris Saint-Germain
Nasir Jabbar
Manchester United are preparing a huge new arrival after announcing a massive financial loss in the latest club accounts.
Man United reported a net loss of £113.2 million the year to June 30 in latest financial accounts.
It follows losses of £28.7 million in 2022/23 and £115.5 million in 2021/22 and their latest figures take total losses over the past five years to over £370 million.
Despite the alarming results, Man United are not expected to breach Premier League's Profit and Sustainability Rules (PSR) because not all spending goes against their calculations.
Amid their financial situation, the club plans to recruit Marc Armstrong, who is expected to leave his role as Chief Revenue Officer at Paris Saint-Germain to strengthen INEOS-owned Man United.
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Armstrong has previously worked with the FA, NFL and NBA and played a key role in boosting PSG's revenues to meet Financial Fair Play regulations.
The Brit worked with Jean-Claude Blanc, who was appointed as Man United director.
He looks set to reunite with Blanc at Man United.
The Red Devils underwent a major overhaul at boardroom level, with Omar Berrada leaving Manchester City to become the club's CEO, with Jason Wilcox and Dan Ashworth also taking up important positions.
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Berrada outlined his objectives for Man United, revealing the new leadership team is determined to return the club to 'the top of European football'.
"It has been a busy off-season for the club with successful training camps for both our men's and women's team," he said.
"We have strengthened our men's first team with five exciting players and put a new football leadership structure in place to provide greater support to our manager, Erik ten Hag.
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"Dan Ashworth was appointed sporting director and Jason Wilcox joined us as technical director, two extremely experienced and highly respected professionals who will add great depth to our team.
"We have added six players to our women's team and are investing to ensure all of our teams have access to world-class training facilities at a fully renovated Carrington.
"We are also delighted to have extended our principal partnership with Snapdragon, after an excellent start, for a further two years in addition to the initial three-year term.
"As I embark on my new role as chief executive officer of this historic club, we are all extremely focused on working collectively to create a bright future with football success at the heart of it.
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"We are working towards greater financial sustainability and making changes to our operations to make them more efficient, to ensure we are directing our resources to enhancing on-pitch performance.
"Today, we announce new guidance for fiscal 2025 which reflects a partial year impact of the transformative cost-savings and organisational changes that we have been busy implementing over the summer.
"Ultimately, the strength of Manchester United is driven by the passion and loyalty of our supporters. Our clear objective is to return the club to the top of European football. Everyone at the club is aligned on a clear strategy to deliver sustained success both on and off the pitch, for the ultimate benefit of our fans, shareholders, and hugely diverse range of stakeholders."