Manchester United lost £2m PER WEEK last season despite fans returning to Old Trafford

Manchester United lost more than £2million-per-week last season despite the return of fans to Old Trafford – with the club’s debt rising substantially.

The Old Trafford club reported a net loss of £115.5m for the season and posted an operating loss of £87.4m for the year to June 30, mostly due to spiralling player wages.

Net debt increased by £95.4m to £514.9m – something which will infuriate fans who have protested against the club’s American owners, the Glazer family.

United put that rise of £95.4 million primarily down to £64.6m of unrealised foreign exchange losses on the retranslation of borrowings in United States dollars. 

Revenue rose by £89.1m or 18 per cent to £583m.

The latest United financial figures showed a large 19.1 per cent increase in wages of £61.6m to £384.2m – as a result of the signings last summer of the likes of Cristiano Ronaldo, Jadon Sancho and Raphael Varane.

That figure is the highest in Premier League history, surpassing the previous mark set by Manchester City (£355m). 

Manchester United supporters who have protested against the Glazer family’s ownership will not be happy to hear of a £95.4million rise in debt to £514.9m in the latest financial figures

The latest financial figures for the Old Trafford club showed losses of over £115million

Supporter anger against the Glazers has intensified in recent months with protests staged outside Old Trafford ahead of a number of games.  

‘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.’

CEO Richard Arnold said everyone at United was ‘aligned on a clear strategy to delivered sustained success’ after the figures were revealed.

‘Our club’s core mission is to win football matches and entertain our fans,’ said chief executive Richard Arnold.

United CEO Richard Arnold said the club were driven to deliver sustained success after the reveal of the figures 

‘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.

‘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.’

More to follow