Manchester United declares a whopping £115.5m loss in 2021-22 season
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Manchester United lineup for a Premier League game.
Manchester United has recently announced that they have faced a net loss of about £115.5m for the 2021/22 season despite having a rise of 18 percent in the revenues which got uplifted to £583m. The calculations show that in the final quarter of the year which ended in June, the financial charts showed a rise in the loss by £23m.
Manchester United currently has a net debt of about £514.9m which rose from £419.5m in 2021 which is an increase of more than 22 percent. United put that rise of £95.4m primarily down to £64.6m of unrealized foreign exchange losses on retranslating borrowings in United States dollars, whereas revenues rose by £89.1m.
Manchester United has faced a huge setback in the financial market due to recent big-money signings.
Chief financial officer Cliff Baty has exclaimed, “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. 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 has also added, “Our club’s core mission is to win football matches and entertain our fans. 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.
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Soumyadeep Mondal
(882 Articles Published)