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HomeEPL English Premier LeaguePremier League: Manchester United announce £115.5m net loss

Premier League: Manchester United announce £115.5m net loss

Manchester United reported a £115.5m net loss for the 2021/22 Premier League season despite their revenue increasing by 18 percent to £583m. The above figures include the final quarter that ended in June showed that losses increased by £23m. There was a 22 percent increase in debt from the previous year, from £419.5m to £514.9m. The club revealed that they have put the rise due to an increase in foreign exchange losses.

“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,” Manchester United chief financial officer Cliff Baty said about the 2021/22 Premier League season. “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.”

The payoffs made to Ole Gunnar Solskjaer and Ralf Rangnick who eventually rejected his two-year consultancy role amounted to £24.7m. The club revealed that their forecast for the 2022/23 season would be £580m and £600m with profit between £100m to £110m.

“Our club’s core mission is to win football matches and entertain our fans. 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,” Manchester United chief executive Richard Arnold said. “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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kenneth De Souza
kenneth De Souzahttps://thefootballindia.com/
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