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Manchester United Reports £115.5 Million Deficit For 2021/22 Season

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Manchester United reported a net loss of £115.5 million ($130.4 million, 132.2 million euros) for the 2021/22 season on Thursday, despite revenue increasing by 18 percent to £583 million.

Losses increased by £23 million in the fourth quarter of the 20-time English champions’ fiscal year, which concluded in June, according to figures disclosed in June.

The club’s net debt climbed by more than 22%, from £419.5 million in 2021 to £514.9 million this year.

United attributed that rise mainly to unrealised foreign exchange losses on the retranslation of borrowings in US dollars.

“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.

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“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.”

United finished the 2021/22 Premier League season in sixth place with their lowest points total since the Premier League replaced England’s First Division in 1992.

Failure to qualify for the Champions League will also hurt United’s future finances.

They are instead competing in the less lucrative Europa League during new manager Erik ten Hag’s first season in charge.

United finished 13 points adrift of fourth place and 35 behind Premier League champions Manchester City as their wait for a first major trophy since 2017 went on.

They are currently fifth, six points behind early season leaders Arsenal but having played six games to the Gunners’ seven.

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AFP

 

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