Manchester United announce net loss of £115.5m – Premier Bet Uganda

Manchester United announce net loss of £115.5m

Manchester United have announced a net loss of £115.5m for the 2021-22 season, although revenues rose by 18% to £583m.
The latest figures released for the financial year, ending in June 2022, showed losses rose by £23m compared to 2021.

United’s net debt also rose by 23% compared with the previous year, increasing from £419.5m to £514.9m.

The Red Devils indicate that the rise of £95.4m is primarily down to the £64.6m of unrealised foreign exchange losses on the retranslation of borrowings in US dollars.

The figures also state that United’s revenue rose by £89.1m, while they paid out £33.6m in dividends to shareholders.

A statement from the club’s chief financial officer Cliff Baty read: “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.

As a result of signing Cristiano Ronaldo, Raphael Varane and Jadon Sancho in the summer of 2021, Man United’s wage bill rose by 19.5% from £322.6m to £384.2m.

That figure is the highest in Premier League history, eclipsing the previous mark set by rivals Manchester City (£355m).

The dismissals of head coach Ole Gunnar Solskjaer, interim boss Ralf Rangnick – who did not take up a two-year consultancy role at the end of the season as initially agreed – and their respective coaching staff came to a total of £24.7m.

United’s forecast total revenue for the 2022-23 campaign is between £580m and £600m and they are targeting adjusted core profit between £100m to £110m.

The Red Devils spent in excess of £200m on six signings in the most recent transfer window, including the £85m addition of Ajax attacker Antony, the third-most expensive signing in the club’s history.

End of line

No more posts

Author: Antonio Turner