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Man United transfer strategy 'financially sustainable' as losses increase

ESPN Soccer •
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Manchester United's summer transfer strategy had "financial sustainability in mind," according to CEO Omar Berrada, after the club reported increased financial losses. On Wednesday, United posted record full year revenues of £677.6m ($900m) and an operating profit of £22.6m ($30m). However, the club still reported an overall loss of £43m ($57m), up from £33m ($44m) the previous year. Borrowing increased by £95m ($126m) to a total of £583m ($773m).

United spent £155m ($206m) on midfielders Andrey Santos, Youri Tielemans and Carlos Baleba in the transfer window. Big six rivals Manchester City, Liverpool, Arsenal, Tottenham and Chelsea all spent considerably more. Berrada hinted at a need for a prudent approach to transfers, saying: "While these results confirm that we are on the right trajectory, we will continue to take a disciplined approach to ensure our finances remain sustainable."

In the news release, United said: "the club continues on its journey to improve operational efficiency and financial sustainability." A United source said "stabilising the business has required, and will continue to require, hard work and financial discipline." Among expenditures was £8.2m ($11m) paid to Ruben Amorim and his staff after his dismissal. United also paid off around £150m ($199m) from a revolving credit facility and spent £63.5m ($84m) for land for a new 100,000-seater stadium.