After the worst season in history and five consecutive years of losses, the new CEO of Manchester United (MANU.US) has promised to change the team's performance on and off the field.

Manchester United's new chief executive said on Wednesday that the club is working to improve on and off the pitch after a fifth consecutive year of net losses and a poor 2023-24 season.

Since billionaire Jim Ratcliffe bought a 25% stake in the club and took over its management, United has begun a series of changes. The club has moved quickly and decisively to bring in new players, many of them under 25, in the hope of success both in the short term and in the future.

"We are working to achieve greater financial sustainability and to reform our operations to make them more efficient to ensure that we direct our resources to improving on-pitch performance," said new chief executive Omar Berrada.

Manchester United's net loss widened to £111.3m ($148.14m) as of June 30 from £28.7m a year earlier. It is the second time in the club's history that it has reported a net loss of more than £100m in a year since its New York listing.

Adjusted core profit was £147.7m and revenue reached a record £661.8m. The club said it complies with Premier League profit and sustainability rules and UEFA's financial fair play regulations.

As of Wednesday's close, Manchester United's shares were down 5 per cent.

Berrada, who joined from City Football Group, the parent company of Manchester City, in July, said: "Our clear objective is to return the club to the summit of European football."

Manchester United finished eighth in the Premier League last season, its lowest finish since the league's inception. The start of this season has been similarly poor, with two losses in its first three matches. Despite this, Berrada said earlier this month that manager Erik ten Hag still had the full support of the club.

For the 2025 fiscal year, the club expects adjusted core profit between £145m and £160m and revenue between £650m and £670m. This forecast reflects the impact of recent restructuring initiatives, including a plan to cut 250 jobs.