Manchester United Suffers £70m Loss During the Pandemic Period
English top side Manchester United suffered £70m drop in expected revenue during the Covid-19 period which was from the 30th of June 2020. According to the report it says the figures in United’s 2019-20 financial statement includes the period when English football shut down.
Manchester United’s overall revenue was down to 18.8% from £627.1m to £509m, but part of this was due to the club not qualifying for last season’s Champions League. In last year’s statement, Manchester United had estimated revenues could reach £580m. The net debt is said to be more than doubled from other years.
The club spent around £75m in the summer transfer window. United made a net £18.9m profit in 2018-19 and a net £23.2m loss in the most recent financial year. It was also confirmed within the results United had paid out £23.23m in share dividends over the course of the year, although future payments are under review.
Speaking on Wednesday’s conference call with investors, the executive vice-chairman of Manchester United Ed Woodward urged the UK government to follow examples around Europe in allowing fans back “as soon as it is safe to do so” and said the “inconsistencies” in the rules were “frustrating”. Ed Woodward said: “If people are allowed to sit in a plane for hours, or in the cinema, or even watch football in a cinema why not outside in a stadium environment which is professionally managed and controlled.”
He confirmed the club played an “active role” in plans know as Project Big Picture, which was rejected by Premier League clubs last week, while he distanced United from reports of the creation of a new European Premier League. He also said: “Saw reports. Don’t know where it came from.”
