Man United announce €107m loss after ‘most challenging’ year

Man United announce €107m loss after ‘most challenging’ year

Manchester United's net loss for the year ending June 30th, 2021 was £92.2 million (€107.3 million), up roughly £60 million (€69.8 million) from the previous financial year, with executive vice-chairman Ed Woodward citing the year as one of the "most trying" in the club's history.

The size of the loss is thought to be largely due to a non-cash tax charge of £66.6 million (€77.5 million) triggered by a rise in the UK corporate tax rate in comparison to the US rate. United's net loss for the fiscal year ended June 2020 was £23.2 million (€27 million).

In the most recent financial year, the net debt reduced from £471.1m (€548m) to £419.5m (€488m), with an operational deficit of £36.9m (€42.9m).

“As we review our financial results, there is little doubt that those 12 months were among the most challenging in the history of Manchester United,” said Woodward.

“While the financial impact from the pandemic is visible, our continued underlying strength is also clear to see and everyone associated with the club can be proud of the resilience we have shown through these most testing of times.

“We said during the depths of the pandemic that the club would emerge in a stronger relative position, and I believe we are now seeing that borne out as we build towards recovery from a very solid foundation.”

United's pay cost jumped by 13.6 percent to £322.6 million (€375.5 million), owing to "mainly higher contracted player wages" for participation in the Champions League this season, according to the records.

Source: Guardian

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