Manchester United has seen financial losses soar after its worst ever season in the Premier League. The legendary football club have been english champions 20 times, but only managed an 8th place finish last season. That pushed the Reds deeper into the red as the club lost 71 million pounds in the three months to the end of March, compared with 5 million last year. Billionaire Jim Ratcliffe bought a 27.7% stake in United earlier this year and took charge of its football operations. So what changes is he making? Joining us now is Kieran McGuire, associate professor of football finance at the University of Liverpool. Kieran, some disappointing results there. What went wrong?

Well, I think we have to look at the accounts on a more granular level. Included in those substantial losses, Manchester United did spend 30 million pounds over the quarter as part of the due diligence and legal and compliance costs with the investment. Bye, Jim. Ratcliffe. Revenues were a little bit disappointing because they played fewer fixtures than they would have anticipated. They didn't make as much progress in some of the competitions as they would have liked. And in addition to that, they've had significant disruption in terms of senior management. So there have been exceptional costs. Interest costs have increased as well on the back of changes in exchange rates. So all of that sort of created a perfect storm as far as Manchester United making these substantial losses.

Ok, but how much damage has their lack of unfield success done to their earnings?

Well, the earnings actually were up as far as the top line was concerned. Revenues across the board have increased. Manchester United is a brand which to a certain extent is inflation proof and is exceptional item proof in terms of lack of success on the pitch. Because of the nature of football fandom, fans tend to be committed to the club from a lifelong basis. They will still buy the merchandise. Manchester United also announced that ticket prices are going to increase by 5% for next season. They signed a new deal with Adidas, which is a substantial increase. It's now going to be worth 900 million pounds over the course of the next ten years. So I think there are lots of positives, but those tend to be in the future, whereas at the present the club has incurred substantial costs, but not necessarily linked to on field performance, apart from the fact they would have received less prize money. And against that, they've won the football called Association cup, which brought in a little bit of additional revenue.

So is it likely under the new control under Jim Radcliffe, that investors have any reason to think that things will fundamentally change?

Well, Ratcliffe and Ineos, who the company through which he effectively controls Manchester United, have done an in depth review as to the club's activities, and it looks as if they're going to make 250 members of staff redundant. So there will be some cost savings there. They have tried to change working practices by insisting that all members of staff work on a Monday to Friday basis in the office, as opposed to working from home. And they're hoping that on the back of that, that will help to change the culture of the club, create a more winning culture. And the most important thing for Manchester United is to be converting in.

We will have you back to discuss this further. Thank you so much. Apologies for interrupting. Please stay with us here on BBC News.