Manchester United net debt rises by £127.4m to £429.1m in one year | Manchester United
Manchester United’s net debt rose by £127.4million to £429.1million in the 12 months to March 31, 2020, their latest accounts reveal.
United recorded a pre-tax loss of £28.55 million in the third quarter from January 1 to March 31, compared to a pre-tax profit of £11.117 million in the same period last year, due to the initial impact of the coronavirus pandemic and adverse movements in the US dollar exchange rate. Net finance charges for the quarter were £25.3m due to the rate, an increase of £22.2m on the same period a year earlier.
The club have also withdrawn their previous revenue forecast for the year of £560-580million due to the impact of the pandemic.
Broadcast revenue fell from £27.8m to £26m – a 51.7% drop – due to a £15m rebate to broadcasters following the delay and changes of the broadcast schedule for the 2019-20 season, non-participation in the Champions League and the impact of playing two less away games in the Premier League.
Matchday revenue for the quarter also fell, by £2.6m to £29.1m, due to the postponement of the Europa League last 16 home game, by one game away from the Premier League and FA Cup quarter-final in Norwich.
United executive vice-chairman Ed Woodward has said the club is well placed to “address the challenges” facing football.
“Since the start of the pandemic, Manchester United and our foundation have provided assistance to hospitals, charities and schools in our communities, as well as support for frontline workers and vulnerable fans,” it said. he declares.
“These actions reflect our core values as a club and the resilience in the face of adversity that we have shown time and time again throughout our long history and will do so again to overcome these current challenges.
“With that in mind, we look forward to the team safely returning to the pitch and building on the exciting momentum that Ole [Gunnar Solskjær] and actors had previously achieved, while taking all necessary measures to protect public health. Our thoughts are with everyone affected during this unprecedented time. »