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Manchester United announce losses of £115m amid record wage bill and £515m debt

Manchester United reported a financial loss of £115.5 million for the 2021–22 season, despite an 18% increase in revenues to £583 million.Information Guide Nigeria

According to data that included the final three months of their fiscal year, which concluded in June, losses increased by £23 million over the previous twelve months.

The club’s net debt increased as well, rising from £419.5 million in 2021 to £514.9 million this year, a gain of more than 22%.

Other Top Football News:

This increase of £95.4 million, according to United, is principally attributable to £64.6 million in unrealized foreign exchange losses from the retranslation of borrowings into US dollars.

While United gave shareholders dividends of £33.6 million, revenue increased by £89.1 million.

“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.”

As a result of the signings last summer of the likes of Cristiano Ronaldo, Jadon Sancho and Raphael Varane wages leapt by 19.1 per cent, a rise of £61.6m to £384.2m.

That figure is the highest in Premier League history, surpassing the previous mark set by Manchester City (£355m).

“Our club’s core mission is to win football matches and entertain our fans,” said chief executive Richard Arnold.

“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.”JAMB Result

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Emediong Ekpe

Emediong Ekpe is a graduate of English. A professional Sports journalist/analyst, and a spoken word artist. He is passionate about decimating information and putting smiles on people's faces via news writing.

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