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Friday, January 27, 2023

Millions loss for football club Manchester United


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Manchester United closed the past financial year, which ran until June, with a loss of 92.2 million pounds, converted more than 100 million euros. As a result of the corona crisis, the English football club saw a loss of income on and around match days. Commercial income was also affected by the crisis. The biggest setback was higher tax spending.

“There is little doubt that these 12 months have been some of the most challenging in Manchester United’s history,” said Ed Woodward, club vice president. The past two football seasons have been marred by lockdowns. Fans were not welcome in the stadium for a long time.

At Manchester United, total revenues fell by almost 3 per cent last year to more than 494 million pounds. Annual matchday sales fell by 92 per cent. The club, which took over Cristiano Ronaldo from Italian Juventus last month, saw annual commercial revenue fall by 17 per cent. Revenues from broadcasting rights, on the other hand, rose by almost 82 per cent. This is the biggest source of income for the football club.

Last season, Manchester United ended the season with a loss of £23.2 million. That year was also affected by the coronavirus.

Manchester United lost a lot more money last season on a tax issue. That saddled the Premier League club with a bill of 68.2 million pounds compared to 2.4 million pounds a year earlier.

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