Manchester United set Premier League RECORD with a £384.2m wage bill – Cristiano Ronaldo key to rise
Man United set a Premier League RECORD with a wage bill of £384.2m – with Cristiano Ronaldo’s monster salary a key contributor – as they smashed local rivals Man City, whose wages hit £354.6m.<!– <!– <!– <!– <!– <!–
Manchester United have set a new Premier League wage bill record following financial results published in relation to last season.
United’s annual bill rose to £384.2m with the eye-popping figures relating to the huge pay packet for star Cristiano Ronaldo following his return to the club a year ago.
Ronaldo earns an incredible £480,000 a week, which at the time of his return made him the highest paid Premier League player by almost £100,000.
The wage increase takes them past local rivals Manchester City, who previously paid out £354.6m in figures from last year.
But the news comes after news of losses of more than £2m a week last season, although matchday income would have increased following the return of supporters to the stadium post-Covid.
The Old Trafford club reported a net loss of £115.5m. £ for the season and had an operating loss of 87.4 million. £ for the year up to 30 June. Most of these losses come from the wages paid.
Fans will also be dismayed to learn that net debt has once again risen to over £514.9m (up from £95.4m), which does little to assuage the growing anger towards the club’s American owners, the Glazer family.
Cristiano Ronaldo’s sky-high salary has given Manchester United a new Premier League record for their wage bill.
It comes after the club reported operating losses under 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.
“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.”