English Premier top side Manchester United have announced a net loss of £115.5m for the 2021-22 season even though revenues rose by 18 per cent to £583.2m. Statistics show incorporating the end of their financial year in June showed losses rose by £23.3m compared to 2021.
Manchester United Beat Manchester City Net Loss Record
The club’s debt also went up, from £419.5m in 2021 to £514.9m this year, an increase of more than 22 per cent. The club’s chief executive Richard Arnold said: “Our club’s mission is to win football matches and entertain our fans.” As a result of the signings, last summer of the likes of Cristiano Ronaldo, Jadon Sancho and Raphael Varane wages rose 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 total of £355m set by Manchester City. “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.
He also said: “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.”
According to reports the cause of this high debt is the pay-offs to managers Ole Gunnar Solskjaer, sacked in November 2021, and Ralf Rangnick, who did not take up a two-year consultancy role at the end of the season. And also Also he refused to have initially assumed interim charge, and their associated coaching staff amounted to £24.7m.
