Manchester United posts 5th straight year of financial losses

Manchester United on Wednesday reported a bigger annual net loss, marking the fifth consecutive year of financial losses for the English club, and said core profit this financial year could be lower due to its restructuring initiatives.

Its net loss widened to 113.2 million pounds ($148.14 million) in the year ended June 30, from 28.7 million pounds a year earlier.

Despite that, United achieved record annual revenue of 661.8 million pounds, up 2.1 per cent compared with the previous year, as the men's team reaped the benefits of participating in the lucrative UEFA Champions League competition.

"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," stated the club's newly appointed CEO, Omar Berrada.

Berrada took the reins in July after moving from Manchester City's parent company, City Football Group.

For the fiscal year ending June, the club expects an adjusted core profit between 145 and 160 million pounds, with revenues ranging from 650 to 670 million pounds.