Manchester United recorded an operating loss of £36.9m last season as a result of the Coronavirus pandemic, but their executive vice-chairman Ed Woodward says United are "on the right track".
Speaking on an earnings conference call to the club’s investors, Woodward said: “The team has made a strong start in the league and everyone at the club is feeling excited about the rest of the campaign.
“We significantly strengthened the squad over the summer, with the addition of Cristiano Ronaldo, Raphael Varane, Jadon Sancho and Tom Heaton.
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“These signings have demonstrated our continued ability to attract some of the world’s best footballers to Old Trafford, and our firm commitment to helping Ole [Gunnar Solskjaer] deliver success on the pitch.
While squad-building is a constant process, we are more confident than ever that we are on the right track.
United made a net loss of £92.2m, up 297.4 per cent from £23.2m in 2020, which was largely due to a £66.6m non-cash tax charge.
In the 12 months to 30 June, the club made £254.8m from broadcasters which was 81.7 per cent up on the previous year's £140.2m.
United's figures showed the club's net debt stands at £419.1m which is down from £474.4m last year.
The club's wage bill was up 13.6 percent to £322.6m while total revenue has dropped down from £509m to £494.1m.
United's net debt stands at £419.5m, down from £474.1m last year thanks to season ticket revenues and a favourable exchange rate.
Woodward will leave his role at the end of 2021. He announced his departure shortly after involving the club in a proposed plans for a breakaway European Super League back in April.
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