Manchester United report £115.5m loss for 2021/22 season / Photo: Scott Heppell - AFP
-
Sherilyn Smith Encourages Women to Embrace Scars as Symbols of Resilience
-
Korea's Severe Asthma Patients Blocked from Biologics by Restrictive Reimbursement Rules
-
Belgium Signs Contract for 20 Rheinmetall Skyranger Air Defence Systems
-
Shanghai Science and Technology Museum Signs Pacts With London and Ottawa Institutions at CIIE
-
Fulcrum Metals PLC Announces Fulcrum to Increase Shareholding in Loyalist
-
InterContinental Hotels Group PLC Announces Transaction in Own Shares - November 10
-
New Gold IRA Investing Guide Explains How to Buy Gold in an IRA for American Consumers
-
RBI Data Reveals Divergence in Credit Card Spending and Debit Card Cash Withdrawals
-
First-time boat buyers advised to assess full ownership costs
-
Panthers expected to begin 2027 NRL season away from new stadium
-
Planning and preparation can reduce stress of interstate relocation
-
Sweet As app launches restaurant discovery platform
-
Two more arrested in Carrie Mullane suspected murder investigation
-
Phoenix Restaurants Offer Thanksgiving Dinner to Go for Pickup
-
MLA seeks inquiry into reported sectarian gestures on Ormeau Road
-
Mayo school appeals for information after convent and chapel vandalism
-
Louise O’Reilly attacks Simon Harris over unemployment remarks
-
Virginia overwhelms Arkansas 91-72 behind balanced scoring
-
Canadian soldier Aidan Goulding remembered at Vancouver funeral
-
Second major storm brings destructive winds and outages to British Columbia
-
Tayyab Arif hits 57 on Pakistan Test debut against Sri Lanka
-
Godzilla Minus Zero leads North American box office with $31.6m
-
Robert Trujillo discusses literacy and social justice children’s books
-
Advocate calls for coordinated support for children facing trafficking
-
Civil rights advocate William Bill Tucker dies aged 98
-
Medicare Open Enrollment Ends Dec. 7: Review Your Coverage Options
-
Pennsylvania Democrats secure state trifecta in midterm elections
-
US Treasury order targets bank transfers linked to crypto exchange MEXC
-
Godzilla Minus Zero sets foreign-language box-office opening record
-
Nvidia CEO Controversy Sparks Fears of Tighter U.S. AI Chip Curbs for Samsung and SK hynix
-
Eagles record six sacks as rushing attack struggles against Giants
-
Villeneuve teases James Bond casting at Los Angeles museum gala
-
Thames Water seeks to delay £12bn in debt repayments
-
Nottinghamshire launches specialist rural crime policing team
-
Newark boxing gym expands alternative education programme
-
China confirms talks over possible Xi-Putin-Trump summit
-
Democrats consider impeachment drive against Defence Secretary Hegseth
-
Rail journey offers a slower route to a Berlin city break
-
Energy bill plan could use HMRC income data to target support
-
Arsenal control title race as Manchester United fall into bottom three
-
Business owner earning £6,000 a month tackles £70,000 debt
-
Suspected Krakow gunman dies after attack that killed six
-
Nvidia chief faces inquiry after disclosing affair with suspected Chinese agent
-
Carrick backs Dalot after hostile reception from Manchester United fans
-
Comet returns as online electrical marketplace 14 years after collapse
Manchester United report £115.5m loss for 2021/22 season
Manchester United on Thursday announced a net loss of £115.5 million ($130.4 million, 132.2 million euros) for the 2021/22 season even though revenues rose to £583 million as coronavirus restrictions eased.
The financial year to June 30, 2022 also brought a 22 per cent rise in debt and a 19 per cent increase in wages.
The 20-time English champions' net debt increased from £419.5 million in 2021 to £514.9 million.
United attributed the rise in debt mainly to the fall of the pound which increased the value of US dollar borrowings.
Among other large items were dividends of £33.6 million to shareholders and the £24.7 million compensation package for former manager Ole Gunnar Solskjaer, sacked in November 2021.
The biggest contributor to United's spiralling costs was the increase in wages to £384.2 million.
The return of Cristiano Ronaldo to Old Trafford, allied to summer signings of Raphael Varane and Jadon Sancho had United fans dreaming of a Premier League title challenge a year ago.
Instead, they finished sixth, with their lowest points total of the Premier League era.
The failure to qualify for the Champions League will hit United's finances for this season.
The club still heavily backed new manager Erik ten Hag in the summer, spending over £200 million on Antony, Casemiro, Lisandro Martinez and Tyrell Malacia.
"Our club's core mission is to win football matches and entertain our fans," said United CEO Richard Arnold.
"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."
After a disastrous start to Ten Hag's reign with defeats to Brighton and Brentford, United have won their last four Premier League games to climb to fifth in the table, six points behind early season leaders Arsenal but with a game in hand.
B.Finley--AMWN