Manchester United report loss of $130.4 million for 2021/22 season

Manchester United on Thursday announced a net loss of 115.5 million pounds ($130.4 million, 132.2 million euros) for the 2021/22 season, although revenue rose to 583 million pounds due to the easing of coronavirus restrictions. From the financial year to June 30, 2022, debt increased by 22 per cent and wages by 19 per cent. The 20-time English champion’s net debt increased from £419.5 million to £514.9 million in 2021. United attributed the increase in debt mainly to a fall in the pound which increased the borrowing value of the US dollar.

Other big items were a £33.6 million dividend to shareholders and a £24.7 million compensation package for former manager Ole Gunnar Solskjaer, who was sacked in November 2021.

The biggest contributor to United’s rising costs was a £384.2 million increase in wages.

the return of Cristiano Ronaldo Allied for summer signing, for Old Trafford Rafael Varane And Jadon Sancho United fans dreamed of a Premier League title challenge a year ago.

Instead, they finished sixth with their lowest points of the Premier League era.

Failure to qualify for the Champions League will affect United’s financial position for this season.

The club still heavily supported new manager Erik ten Haag in the summer, having spent over £200 million on it. antoine, casemiro, lisandro Martinez and Tyrell Malaysia.

“The main mission of our club is to win football matches and to 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 built a foundation to build in the early stages of the 2022/23 season under our new manager. has established.”

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After a disastrous start to Ten Haig’s reign with defeats to Brighton and Brentford, United won their last four Premier League games to move up to fifth on the table, six points behind early-season leaders Arsenal, but with a game in hand. with.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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