Manchester United slips to quarterly loss; CEO admits challenges on pitch

Manchester United reported an adjusted net loss of 6.2 million pounds ($7.80 million) in the second quarter, hurt by lower revenue as the club played the less lucrative Europa instead of the Champions League competition this season.

"We recognise the challenges in improving our men's team's league position and we are all working hard, collectively, to achieve that," CEO Omar Berrada said in a statement on Wednesday.

The club currently sits in the 15th position on the Premier League table, only three places away from the relegation zone.

The company's revenue in the quarter ended December 31 fell 12% to 198.7 million pounds, resulting in an adjusted net loss, compared with a profit of 19.3 million pounds a year ago.

The Premier League soccer club, however, forecast an annual adjusted core profit at the top end of the club's previous range of 145 million pounds to 160 million pounds, while keeping its full-year revenue forecast unchanged.