Manchester United lost £2m PER WEEK last season despite fans returning to Old Trafford
DONE: Manchester United lost 2 million GBP PER WEEK last season, despite fans returning to Old Trafford, with a huge operating loss blamed on player wages – and club debt rising to anger fans<!– <!– <!– <!– <!– <!–
Manchester United lost more than £2m a week last season despite fans returning to Old Trafford – where the club’s debt is rising significantly.
The Old Trafford club reported a net loss of £115.5m for the season and had an operating loss of £87.4m for the year to June 30, mainly due to rising player wages.
Net debt increased by DKK 95.4 million. GBP to 514.9 million GBP – something that will anger fans who have protested against the club’s American owners, the Glazer family.
United put this £95.4m increase primarily down to £64.6m of unrealized foreign exchange losses on translating borrowings into US dollars.
Revenue increased by £89.1 million. or 18 per cent to £583m.
United’s latest financial figures showed a huge 19.1 per cent rise in wages of £61.6m to £384.2m.
Manchester United supporters who have objected to the Glazer family’s ownership will not be happy to hear of a £95.4m increase in debt to £514.9m in the latest financial figures.
The latest financial figures for the Old Trafford club showed losses of over £115m
Supporters’ anger at the Glazers has intensified in recent months with protests staged outside Old Trafford ahead of a number of matches.
“Our financial results for the 2022 financial year reflect a recovery from the pandemic, a full return of fans and new commercial partnerships offset by increased investment in the playing squad,” said CFO Cliff Baty.
“Our results have been adversely affected by the absence of a summer tour in July 2021, significant one-off and increased supply costs and the impact of the weakening of the pound on our non-cash funding costs.”
More to follow