Sports

Manchester United ‘s annual net loss rises to £92m


M

anchester United’s full-year loss widened as pandemic-induced lockdowns hammered matchday sales and commercial revenue, the club said, while not setting financial targets for the year due to continuing uncertainty.

The Premier League club said their net loss for the year ending June 30 was £92.2m, compared with a loss of £23.2m in the previous 12 months as the onset of Covid in 2020 disrupted all walks of life globally.

United’s last two financial years were marred by lockdowns that disrupted sporting calendars and kept fans away from stadiums for extended periods, taking a heavy toll on matchday sales.

“There is little doubt that those 12 months (fiscal 2021) were among the most challenging in the history of Manchester United,” executive vice-chairman Ed Woodward said in prepared comments he will make to investors on a call this afternoon.

Total revenue for the year ended June 30 was down 2.9per cent to £494.1m, while annual matchday sales plummeted 92.1 per cent.

The club, who signed five-time Ballon d’Or winner Cristiano Ronaldo from Italy’s Juventus last month, had a 16.8 per cent fall in annual commercial revenue, although the club’s largest segment of broadcasting revenue surged by 81.7 per cent.

The loss was inflated by a one-off taxation issue with the company’s income tax expense for the period surging to £68.2m from £2.4 m a year earlier.


Source link

Related Articles

Back to top button