FILE PHOTO: Football Soccer - Manchester United visit the Friends Arena ahead of the the Europa League Final - Friends Arena, Stockholm, Sweden - 23/5/17 General view of the Manchester United logo ahead of the Europa League final Reuters / Phil Noble Livepic/ File Photo
Dec 11 (Reuters) - Manchester United swung to a first-quarter net loss on Thursday, weighed by lower broadcasting revenue and ticket sales as the club sits out European competitions this season.
The Old Trafford club posted a net loss of 6.6 million pounds ($8.83 million) for the quarter ended September 30, compared with a profit of 1.4 million pounds a year ago. Total revenue for the quarter fell 2%, with player and staff wages falling 8.2% due to job cuts.
"The difficult decisions we have made in the past year have resulted in a sustainably lower cost base and a more streamlined, effective organisation equipped to drive the club towards improved sporting and commercial performance over the long-term," CEO Omar Berrada said in a statement.
The club turned to job cuts and other cost-saving measures after six consecutive years of financial losses, underscoring the struggles of the 20-time English champions that have underperformed both on and off the pitch.
Manchester United retained its fiscal 2026 revenue forecast between 640 million pounds and 660 million pounds, and core profit in the range of 180 million to 200 million pounds.
Minority owner Jim Ratcliffe, who holds roughly 29% stake and oversees football operations, has raised ticket prices, even as the club spent about 230 million pounds in the summer transfer window and announced plans for a new 2-billion-pound, 100,000-seat stadium.
The club's absence from European competitions this season is denting broadcasting revenue and intensifying financial pressure, fuelling criticism from supporters at a time when the team has struggled to compete domestically.
($1 = 0.7473 pounds)
(Reporting by Yadarisa Shabong in Bengaluru; Editing by Leroy Leo)
