Even though revenues went up by 18 percent to 666 million euros, Manchester United’s debt has risen to more than 587 million.Figures released incorporating the final quarter of their financial year, which ended in June, showed losses rose by 26.3 million euros on the previous 12 months. The club’s debt was 480 million euros in 2021 which means that this year it saw an increase of more than 22%.“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,” said chief financial officer Cliff Baty.“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.”Headline figures from @ManUtd financial results to June 30 2022:Revenue: £583m (Commercial £258m, Broadcast £215m, Matchday £111m)Wages: £384mNet loss: £115.5mNet debt: £514.9mDivdends paid: £33.6mSolskjaer & staff pay off: £24.7m— Kieran Canning (@KieranCanning) September 22, 2022 As a result of the signings last summer of the likes of Cristiano Ronaldo, Jadon Sancho and Raphael Varane wages rose by 19.1%, a rise of 70.5 million to 440 million euros.That figure is the highest in Premier League history, surpassing the previous total of 406.5 million euros set by Manchester City.Also, pay-offs to managers Ole Gunnar Solskjaer, sacked in November 2021, and Ralf Rangnick, who did not take up a two-year consultancy role at the end of the season having initially assumed interim charge, and their associated coaching staff amounted to 28.2 million euros.Revenue rose by 102 million euros, while United paid out 38.4 million euros in dividends to shareholders.“Our club’s core mission is to win football matches and entertain our fans,” said chief executive Richard Arnold.“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 of the 2022-23 season under our new manager Erik ten Hag.##NAJAVA_MECA_6660130##“We have also continued to develop our women’s team with an aim of reinforcing our position among the leading clubs in the Women’s Super League.“While there is a lot more work to do, everyone at the club is aligned on a clear strategy to deliver sustained success on the pitch and a sustainable economic model off it, to the mutual benefit of fans, shareholders, and other stakeholders.”
