Manchester United report £115.5m loss for 2021/22 season

Manchester United report £115.5m loss for 2021/22 season

Manchester United on Thursday announced a net loss of 115.5 million pounds sterling (130.4 million dollars, 132.2 million euros) for the 2021/22 season, although income increased to 583 million pounds sterling at as coronavirus restrictions eased.

The fiscal year to June 30, 2022 also brought a 22 percent increase in debt and a 19 percent increase in wages.

The 20-time English champions’ net debt increased from £419.5m in 2021 to £514.9m.

United attributed the increase in debt mainly to the fall in the pound, which increased the value of loans in US dollars.

Other important items included a £33.6m dividend to shareholders and a £24.7m compensation package for former manager Ole Gunnar Solskjaer, sacked in November 2021.

The biggest contributor to United’s spiraling costs was rising wages to £384.2m.

Cristiano Ronaldo’s return to Old Trafford, coupled with the 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 lack of qualification for the Champions League will affect United’s finances for this season.

The club still heavily backed new manager Erik ten Hag in the summer, spending more than £200m on Antony, Casemiro, Lisandro Martinez and Tyrell Malacia.

“Our club’s primary mission is to win football games and entertain our fans,” said United chief executive Richard Arnold.

“Since our last earnings report, we have strengthened our first men’s team, completed a successful summer tour and laid a foundation to build on in the early stages of the 2022/23 season under our new coach.”

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 move up to fifth in the table, six points behind early-season leaders. Arsenal, but with a match pending.

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