Manchester United’s latest accounts show a 30 per cent increase in turnover for the three months to March 31 this year, despite the club’s worst season in the Premier League era. United’s total revenue for the first three months of 2022 was €152.8 million ($192 million), an increase of 29.2 percent from €118.3 million compared to the same period last year. The club earned 34.1 million additional matchday revenues during this period, while the coronavirus pandemic limited matchday revenues to 1.6 million euros in the third quarter of 2021.
However, there was an operating loss of 21.8 million euros for the third quarter, compared to 21.6 million euros 12 months ago, with a sales decline of 12 percent to 51.5 million euros.
United’s net debt also rose to $495.7 million, up 11.8 percent from 12 months ago.
The financial bulletin comes just days after United finished the season in sixth place, with their lowest points total since the Premier League started in 1992.
United’s inability to qualify for next season’s Champions League will be a major blow to their finances going forward.
They will instead compete in the less lucrative Europa League in new manager Erik ten Hag’s first season.
United finished 13 points behind fourth place and 35 behind champions Manchester City as they await their first major trophy since 2017.
In a statement accompanying the accounts, United chief Richard Arnold admitted it had been a bad campaign and promised they would improve under former Ajax boss Ten Hag.
“It has clearly been a disappointing season for the first men’s team. A lot of work is underway to address this, led by our football director, John Murtough and our new manager, Erik ten Hag,” said Arnold.
“Resilience and high standards are core values for Manchester United and we are determined to deliver better results next season and beyond.
“Faith in youth is another key guiding principle for the club and the continued success of our academy gives us confidence in the future.”
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Arnold added that the recovery of the club’s financial position after the impact of the pandemic reflected “the continued strength of our commercial activities, which in turn support our ability to continue investing in the club”.
(This story was not edited by DailyExpertNews staff and was generated automatically from a syndicated feed.)
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