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

See Full Page