REVEALED: Manchester United lost £2m PER WEEK last season, despite the return of fans to Old Trafford, with a huge operating loss blamed on player wages – and club debt rising to infuriate fans
Manchester United lost more than £2million-per-week last season despite the return of fans to Old Trafford – with the club’s debt rising substantially.
The Old Trafford club reported a net loss of £115.5m for the season and posted an operating loss of £87.4m for the year to June 30, mostly due to spiralling player wages.
Net debt increased by £95.4m to £514.9m – something which will infuriate fans who have protested against the club’s American owners, the Glazer family.
United put that rise of £95.4 million primarily down to £64.6m of unrealised foreign exchange losses on the retranslation of borrowings in United States dollars.
Revenue rose by £89.1m or 18 per cent to £583m.
The latest United financial figures showed a large 19.1 per cent increase in wages of £61.6m to £384.2m.
Manchester United supporters who have protested against the Glazer family’s ownership will not be happy to hear of a £95.4million rise in debt to £514.9m in the latest financial figures
The latest financial figures for the Old Trafford club showed losses of over £115million
Supporter anger against the Glazers has intensified in recent months with protests staged outside Old Trafford ahead of a number of games.
‘Our financial results for fiscal 2022 reflect a recovery from the pandemic, a full return of fans and new commercial partnerships offset by increased investment in the playing squad,’ said chief financial officer Cliff Baty.
‘Our results have been adversely affected by the absence of a summer tour in July 2021, material exceptional and increased utility costs, and the impact of the weakening of sterling on our non-cash finance costs.’
More to follow