Manchester United’s net debt fell by more than £ 50million in its annual financial results, released today.
United figures showed the club’s net debt currently stands at £ 419.1million, up from £ 474.4million last year.
Although United recorded a net loss of £ 92.2million, this was largely due to the accounting impact of a non-cash tax charge of £ 66.6million.
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The club’s payroll rose 13.6% to £ 322.6million, largely due to Champions League qualification, while total revenue for the year was 494.1million of pounds sterling.
United reported an operating loss of £ 36.9million, reflecting the underlying impact of the pandemic on the club’s financial resources.
United’s decrease in net debt reflects increased cash flow from season ticket income, as well as favorable exchange rates and the increased strength of the pound sterling.
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United’s match day income fell 92.1% to £ 7.1million for the year, from £ 89.8million the year before.
Indeed, 33 games before United’s last home game were behind closed doors, compared to 23 games at Old Trafford with authorized fans the year before.
United Executive Vice President Ed Woodward said: “It has been an exciting start to the season at Old Trafford, with a big crowd for the first time in almost 18 months.
“We were delighted to welcome Cristiano Ronaldo back to the club, along with Raphael Varane, Jadon Sancho and Tom Heaton, to further strengthen the progress our first team has made under Ole.
“This was made possible by the strength of our operating model, with a sustained investment in the team supported by robust commercial revenues.
“Everyone 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.”
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United are reeling from Tuesday’s 2-1 loss to Young Boys in their Champions League opener, but they are top of the Premier League and Woodward is sure Ole Gunnar Solskjaer’s side is on the right track.
“We have been clear in our strategy to build a squad with a mix of top-notch rookies and local talent, including a balance of youth and experience, with the goal of winning trophies and playing attacking football the way of Manchester United, “said Woodward. inform investors during a call on Friday afternoon.
“In this context, we have continued to strengthen our recruitment and recruitment processes and we have also increased our investment in the academy to ensure the sustainability of this success.
“While building a team is a constant process, we are more convinced than ever that we are on the right track. “