18.4 C
Johannesburg
Sunday, October 2, 2022
HomeSoccerManchester United report £115.5m loss for 2021-22 season

Manchester United report £115.5m loss for 2021-22 season

 

- Advertisement -

London — Manchester United announced on Thursday a net loss of £115.5million for the 2021-22 season even though revenues at the club rose by 18% to £583m.

Figures released incorporating the final quarter of the 20-time English champions’ financial year, which ended in June, showed losses rose by £23m on the previous year.

The club’s net debt also increased from £419.5m in 2021 to £514.9m this year, an increase of more than 22%.

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.

“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.

 

Original Article

- Advertisement -
RELATED ARTICLES
- Advertisment -

Most Popular

- Advertisment -