Manchester United have revealed a net loss of £115.5 million from the 2021-22 season, despite revenues rising by 18 per cent to £583.2m.
The normalisation of revenues after the COVID-19 pandemic, when fans were unable to attend matches, reflected in the figures.
United’s net debt is £514.9m compared to £419.5m for the same period in the previous year which is an increase of £95.4m.
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“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."
Wages also increased due to the signings of Cristiano Ronaldo, Jadon Sancho and Raphael Varane in the summer of 2021, rising by £61.6m to £384.2m.
It’s the highest figure in Premier League history, surpassing Manchester City’s mark.
United forecast a total revenue between £580m and £600m for this season, even without Champions League football.
“Our core mission is to win football matches and entertain our fans," said chief executive Richard Arnold.
"Since our last earnings report, we have strengthened our men's first-team squad, completed a successful summer tour, and established a foundation to build from in the early stages of the 2022/23 season under our new manager Erik ten Hag.
"We have also continued to develop our women's team with an aim of reinforcing our position among the leading clubs in the Women's Super League.
"While there is a lot more work to do, everyone at the club is aligned on a clear strategy to deliver sustained success on the pitch and a sustainable economic model off it, to the mutual benefit of fans, shareholders, and other stakeholders."
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