Manchester United’s latest financial results released on Wednesday morning do not make for good reading.
United’s net debt has increased to a remarkable £474.1 million, growing 133% from £270.5m in the previous year.
The club have claimed that the huge increase in debt is reflected by the unprecedented impact of the coronavirus pandemic.
This includes the loss of matchday revenue, player investment, and deferred sponsorship payments.
United’s revenue decreased by 19% in the year ending June 2020 compared to the previous year, giving them an annual loss of £70m.
Revenue has nosedived to £509m, which is the lowest figure the club have recorded since 2015.
Broadcasting revenues predictably fell, by a total of just over £100m, a drop of 41.9%.
Matchday revenue, including ticket sales and hospitality, fell 19% to £89m with clubs continuing to lose money while supporters are unable to attend football grounds.
United’s financial picture looks bleak despite the fact they did not over invest this summer, which is a reflection of the impact of the coronavirus pandemic as well as their self-interested Glazer owners.
But the club have also said they remain well-funded £150m available in credit and £51.5m in cash reserves.
See the summary of United’s financial results below, via Samuel Luckhurst of the MEN:
Summary of #mufc's financial results and comment from Woodward: pic.twitter.com/Cc4bVD2KXd
— Samuel Luckhurst (@samuelluckhurst) October 21, 2020
