Wednesday, March 29, 2023
HomeNewsManchester United in trouble Loss of £115.5 million for the season 2021-22

Manchester United in trouble Loss of £115.5 million for the season 2021-22

The report released at the end of the fiscal year 2021-22 by Manchester United is not satisfactory. The reported figures take the management of the club into trouble. According to the report announced on Thursday, 22nd September, Manchester United had a net loss of £115.5 million (130.4 million dollars or 132.2 million euros) during the season of 2021-22. The report also revealed that the revenue generated during the fiscal year is £583 million which shows a significant increase as compared to last year. The improvement in the revenue is due to the relaxation in COVID-19 restrictions.

The net debt of the club has been increased to £514.9 million this year while last year’s figure was 419.5 million pounds. This shows the debt has increased to more than 22%.

The chief financial officer Cliff Baty clarifies the situation.

chief financial officer Cliff Baty of manchter united

He said,

“Our results have been adversely affected by the absence of a summer tour in July 2021, material exceptional and increased utility costs, and the impact of the weakening of sterling on our non-cash finance costs.”

He added a positive point,✅

“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.”

The entry of the expensive players to the club last summer took the wages budget to 384.2 million pounds. A rise of £61.6 million has been observed which contributes to the increase of 19.1%.  This is the highest figure recorded in the history of the Premier League, crossing the figure of £355 millions of Manchester City. The names behind expensive transfers include Antony, Lasemiro, Lisandro Martinez and Tyrell Malacia.

chief executive Richard Arnold of Manchster united

The chief executive Richard Arnold highlighted the club’s mission in the following words.

“Our club’s mission is to win football matches and entertain our fans.”

He further added,

“Since our last earnings report, we have strengthened our men’s first team squad, completed a successful summer tour, and established a foundation to build from in the early stages after the 2022-23 season under our new manager Erik Ten Hag.”

He also explained his efforts to strengthen women’s football.

“We have also contributed to developing our women’s team with an aim of reinforcing our position among the leading clubs in the women’s Super League.”

Manchester United in trouble; Loss of £115.5 million for the season 2021-22

The report also highlighted the amount of £24.7 million that has been spent on the payoffs of the managers Ole Gunnar Solskjaer and Ralf Rangnick.

Despite all these Manchester United beat Brighton and Brentford and won the last four matches of Premier League which takes the club to 5th place.



Please enter your comment!
Please enter your name here

Most Popular