Manchester United posted an operating loss of £ 36.9 million last season due to the impact of Covid-19.
In their previous annual results, the Old Trafford giants’ revenue fell from 627.1 million pounds to 509 million pounds, figures that incorporated just a three-month hit from the coronavirus pandemic.
The economic ramifications continued into the year ended June 30, 2021, with United’s revenue falling to £ 494.1 million.
The net loss of 92.2 million pounds, an increase of 297.4 percent from 23.2 million pounds in 2020, was largely due to the accounting impact of a non-cash tax charge of 66.6 million. pounds.
Net debt fell from £ 474.1 million to £ 419.5 million year-on-year, thanks in large part to seasonal subscription income and favorable exchange rates.
Participation in the Champions League was one of the key reasons that salaries increased 13.6 percent to 322.6 million pounds.
United Executive Vice President Ed Woodward said: “It has been an exciting start to the season at Old Trafford, with a great number of people present for the first time in almost 18 months.”
“We are delighted to welcome Cristiano Ronaldo back to the club, along with Raphael Varane, Jadon Sancho and Tom Heaton, to further reinforce the progress our first team has been making with Ole.
“This was made possible by the strength of our operating model, with a sustained investment in the equipment supported by strong commercial income.
“All those associated with Manchester United can be proud of the resilience we have shown through the challenges created by the pandemic, and we look forward to the remainder of the season and beyond with great optimism.”
United are reeling from Tuesday’s shocking 2-1 loss to Young Boys in their first Champions League game, but are on top of the Premier League and Woodward is confident that Ole Gunnar Solskjaer’s side you are on the right track.
“We have been clear in our strategy to build a team with a combination of top-class recruits and local talent, comprising a balance of youth and experience, with the aim of winning trophies and playing Manchester United-style attacking football.” , Woodward will brief investors in a call Friday afternoon.
“As part of this, we have continued to strengthen our recruitment and exploration processes, and we have also increased our investment in academia to ensure this success is sustainable.
“While squad formation is an ongoing process, we are more confident than ever that we are on the right track.”