Manchester United posted another quarter of net loss on Tuesday as salary expenses rose and broadcast revenue fell from a year ago with the team striving to secure a top-four finish in the Premier League this season.

“We have a clear vision and we are implementing a strategy to win with an empowered leadership team to drive that forward,” said newly appointed Chief Executive Officer Richard Arnold. Read full story

The record 20-times English champions have struggled on the pitch lately, a goalless draw at home to Watford on Saturday denting their hopes of a top-four league finish with rivals close behind having played fewer games. Read full story

One of the first major decisions facing Arnold, who effectively replaced executive vice-chairman Ed Woodward, is the recruitment of Ole Gunnar Solskjaer’s replacement as manager. German Ralf Rangnick was appointed on an interim basis in December.

United’s football director John Murtough told a conference call the club were conducting a “thorough process” to hire a permanent manager, who will take charge this summer tasked with getting the team back to challenging for domestic and European titles.

United won their last Premier League crown in 2013, longtime manager Alex Ferguson’s final season in charge.

The club’s broadcast revenue fell 20.5% to 86.4 million pounds for the three months ended Dec. 31. Total revenue grew 7.3% to 185.4 million pounds and net loss stood at 1.4 million pounds ($1.88 million) compared with a profit of 63.9 million a year earlier.

However, losses at the club, owned by the American Glazer family, have narrowed from the three months prior as fans thronged United’s Old Trafford stadium at full capacity again after the lifting of COVID-19 pandemic restrictions.

The club, who re-signed Portuguese forward Cristiano Ronaldo last year, said salaries rose 19.6% to 97.7 million in the quarter. Net debt grew to 494.8 million pounds as of December end.

United, who this week withdrew Russian airline Aeroflot’s sponsorship rights after Russia invaded Ukraine, did not provided a financial forecast for the year. [