Manchester United

The club's latest accounts have shown a net loss of £113.2m in the year to June 30, and they have now taken total losses of over £370m in the last five years.

"It has been a busy off season for the club with successful training camps for both our men's and women's teams," Berrada said in a statement.

""We have strengthened our men's first team with five exciting players and put a new football leadership structure in place to provide a greater support to our manager, Erik ten Hag.

"Dan Ashworth was appointed sporting director and Jason Wilcox joined us as technical director, two extremely experienced and highly regarded professionals, who will add great depth to our team.

Man United report net loss of £113.2m

"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.

"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.

Man United chief says club want "to return to the top of European football"

"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."

According to BBC Sport, Man United will not breach the Premier League's rules surrounding Profit and Sustainability despite the recent loss.

The Red Devils finished eighth in the Premier League last season, but they managed to qualify for the 2024-25 Europa League courtesy of their win against Manchester City in the FA Cup final.

The 20-time English champions have lost two of their three Premier League matches at the start of the new season, including a 3-0 defeat to Liverpool at Old Trafford before the international break.

The club spent in excess of £180m over the summer transfer window to sign Joshua Zirkzee, Leny Yoro, Matthijs de Ligt, Noussair Mazraoui and Manuel Ugarte.