In their latest set of financial results, Manchester United have revealed their significant financial damage caused by the coronavirus pandemic.
The club’s revenues and profits took a hit, with their total revenues for the 2019-20 financial year being down £118 million.
Matchday and broadcasting incomes were also down due to no fans in Old Trafford football stadium.
United’s debt figure rose by 133% to £474.1 million with a decline in cash reserves, because of sponsorship and season ticket payment deferrals.
Despite the pandemic Manchester made an operating profit of £5.2 million, although this fell by 90% from 2018-19.
United’s executive vice-chairman Ed Woodward stated:
“Our focus remains on protecting the health of our colleagues, fans and community while adapting to the significant economic ramifications of the pandemic.”
“Within that context, our top priority is to get fans back into the stadium safely and as soon as possible.”
“We are also committed to playing a constructive role in helping the wider football pyramid through this period of adversity, while exploring options for making the English game stronger and more sustainable in the long-term.