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REVEALED: Manchester United lost £2million PER WEEK last season despite fans returning to Old Trafford, with huge operating loss attributed to players’ wages – and club debt infuriating fans
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Manchester United lost more than £2million a week last season, despite fans returning to Old Trafford – significantly increasing the club’s debt.
The Old Trafford club reported a net loss of £115.5 million for the season and an operating loss of £87.4 million for the year to 30 June, mainly due to rising player wages.
Net debt rose by £95.4m to £514.9m – something that will infuriate fans who have protested against the club’s American owners, the Glazer family.
United reduced that increase from £95.4 million primarily to £64.6 million in unrealized foreign exchange losses on the translation of loans into US dollars.
Turnover rose by £89.1 million or 18 percent to £583 million.
United’s latest financial figures showed a sharp 19.1 percent increase in wages from £61.6 million to £384.2 million.
Manchester United supporters who have protested against the Glazer family property will not be pleased to hear of a rise in debt from £95.4m to £514.9m in the latest financial figures
Latest financial figures for the Old Trafford club showed losses of over £115m
Supporter anger at the Glazers has increased in recent months with protests being staged outside Old Trafford for a number of matches.
“Our fiscal 2022 financial results reflect a recovery from the pandemic, a full return of fans and new commercial partnerships, offset by increased investment in the squad,” said CFO Cliff Baty.
“Our results were negatively impacted by the lack of a summer tour in July 2021, material exceptional and higher energy costs and the impact of the weakening sterling on our non-cash financing costs.”
More to follow