Manchester United announce its losses for the year

Manchester United has reportedly announced a total loss of £92m for the financial year.

Although, the Red Devils expenses has exceeded its income for the year but still point to Cristiano Ronaldo’s transfer as proof of ambition

United have ramped up the arrival of their latest star asset believing the Portuguese ace will have a massive impact both on and off the pitch.

Unveiling figures showed that Msn United lost £92.2m in the financial year to the end of June.
United executive vice-chairman Ed Woodward conceded and said: 

“There is little doubt that those 12 months were among the most challenging in the history of Manchester United.”

But the figures show commercial and sponsorship revenue was massively down as a result of the COVID-19, with almost £47m less coming into the club.

Gate receipts were, of course, impacted more than anything by a year of fan-free football, with the club taking just £7.1m through the Old Trafford gates compared to £89.8m in the 12 months to June 2020.

The Red Devils Champions League participation bonuses boosting player salaries, United's total wage bill rose £38.6m to £322.6 million, up 13.6 per cent.

Woodward, though, in remarks due to be made to investors and analysts added that: 

“Everyone associated with the club can be proud of the resilience we have shown through these most testing 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.

“The most important part of this recovery is the return of fans to Old Trafford and it has been fantastic to see and hear the stadium full for the first time in almost 18 months.

“The amazing atmosphere during the opening home games of the season demonstrates that fans are the lifeblood of the game, and we’re so glad to have them back.

“On the pitch, the team has made a strong start in the league, and everyone at the club is feeling excited about the rest of the campaign.”

Concerning the signings of Jadon Sancho, Raphael Varane, goalkeeper Tom Heaton and the return of Cristiano Ronaldo, executive vice-chairman said: 

“These signings have demonstrated our continued ability to attract some of the world’s best footballers to Old Trafford, and our firm commitment to helping Ole deliver success on the pitch.

“Furthermore, we recently sold Dan James to Leeds for a fee of £25 million, plus add-ons.

“We have been clear in our strategy to build a squad with a blend of top-class recruits and homegrown talent, comprising a balance of youth and experience, with the aim of winning trophies and playing attacking football the Manchester United way.

“As part of this, we have continued to strengthen our recruitment and scouting processes, and we have also increased our investment in the Academy, to ensure that this success is sustainable.

“While squad-building is a constant process, we are more confident than ever that we are on the right track.”

According to footie financial experts Saxo Markets, United will have plenty of money in the bank for January reinforcements despite their summer spending spree and hefty losses.