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Manchester United has posted an annual loss of £ 92m, taking into account the cost of the pandemic.Business news

Manchester United reported a loss of £ 92.2m annually for calculating the cost of forced closure of the stadium during a pandemic.

At the Premier League club, matchday revenue for the year to the end of June, when all but one of the home matches was held in a closed room, fell 92% to just £ 7.1 million.

Sponsor revenues also fell by £ 42.5m due to the lack of pre-season tours of spinning money, primarily as a result of COVID-19.

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Cristiano Ronaldo is back in the club

Participation in the Champions League helped mitigate the blow, resulting in an 82% increase in annual broadcast revenue to £ 254.8 million. This was also boosted by the postponement of the game from the previous season to the first quarter after mid-2020/21. -Seasonal interruptions caused by a pandemic.

Playing at the top level of European football meant a greater reward for players-as a result, their wages increased £ 38.6 million to £ 322.6 million.

Overall revenue was down only 3% to £ 494.1m. The club’s final loss will be compared to a loss of £ 23.2 million in the 2019/20 fiscal year.

The results statement for the club, which is listed on the New York Stock Exchange, did not mention participation in the unlucky European Super League project. Abandoned After pressure from fans, politicians and players.

The club was cautious about the outlook, even though government restrictions were lifted and Old Trafford welcomed fans at full capacity this season.

“Due to the nature of the ongoing pandemic, government regulation may be re-imposed in the future,” he said, not providing revenue or revenue guidance for the period, given the resulting uncertainties. It was.

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Why did Manchester United fans hit Old Trafford?

But after the club resigned from the crowd’s favorite Cristiano Ronaldo and signed other big signatures, including England’s Jadon Sancho, Vice President Ed Woodward made a bright note.

“It was an exciting start to the season at Old Trafford, with a large crowd attending for the first time in almost 18 months,” said Woodward.

Manchester United has posted an annual loss of £ 92m, taking into account the cost of the pandemic.Business news

Source link Manchester United has posted an annual loss of £ 92m, taking into account the cost of the pandemic.Business news

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