Manchester United shares fell approximately 4% on Wednesday to around $19.60 after the football club reported weaker fourth-quarter results, including a net loss of £28.7 million versus £3.9 million a year earlier. Revenue declined 4% to £157.5 million and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, adjusted for specified items) dropped 22.9% to £28.9 million. Commercial revenue fell 18.1%, partly because the prior-year quarter included a postseason tour in Malaysia and Hong Kong, while broadcasting revenue rose 28.4% on improved Premier League performance. The quarterly weakness was offset by record fiscal-year revenue of £677.6 million and adjusted EBITDA of £216.4 million. Manchester United also qualified for the 2026/27 Champions League campaign and forecast fiscal 2027 revenue of £740 million to £760 million. Investors are weighing that outlook against debt, reduced cash and the capital requirements of a planned 100,000-capacity stadium.