Manchester United announce £115.5m net loss for 2021/22 season | CEO Richard Arnold: The core mission is to entertain fans | Football news
Manchester United posted a net loss of £115.5m for the 2021/22 season despite an 18% increase in revenue to £583m.
The published figures in conjunction with the final quarter of their financial year, which ended in June, show a loss of £23 million over the previous year.
The club’s net debt has also increased, from £419.5m in 2021 to £514.9m this year, an increase of more than 22%.
The US brought that increase of £95.4m mainly down to £64.6m of unrealized exchange rate losses due to the re-shifting of loans denominated in US dollars. Revenue increased by £89.1 million.
Man Utd lost £2m a week last season
Chief Financial Officer Cliff Baty said: “Our financial results for fiscal 2022 reflect the post-pandemic recovery, the full return of fans and new commercial partnerships. offset by increased investment in the squad.”
“Our results have been adversely affected by the absence of a summer tour in July 2021, exceptional and increased material costs, as well as the impact of sterling weakness on our cashless financing.”
The core mission of our club is to win football matches and entertain the fans.
As a result of the signings last summer of the likes of Cristiano Ronaldo, Jadon Sancho and Raphael Varane, wages rose 19.1 per cent, up £61.6m to £384.2m.
That is the highest figure in Premier League history, surpassing the previous record of Manchester City (£355m).
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Chief executive officer Richard Arnold said: “Our club’s core mission is to win football matches and entertain fans.
“Since our last earnings report, we’ve solidified our one-man roster, completed a successful summer tour and established the foundation to build on from the early stages of the 2022 season. /23 under new manager Erik ten Hag.
“We have also continued to develop our women’s team with the aim of cementing our place among the top clubs in the Women’s Super League.
“While much remains to be done, everyone at the club follows a clear strategy for sustainable success on the pitch and a sustainable economic model based on it, for the common good. of fans, shareholders and other stakeholders.”
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Accounts payable to manager Ole Gunnar Solskjaer, sacked in November, and Ralf Rangnick, who did not take up a two-year consulting role at the end of the season but initially took charge on an interim basis, and the coaching staff their related training, up to 24.7 pounds m.
The club forecasts total revenue for 2022/23 to be between £580m and £600m and is targeting an adjusted core profit between £100m and £110m.
That’s despite the team’s failure to qualify for the Champions League this season.
