Manchester United have announced that they suffered a net loss of £115.5m for the 2021-22 season.

However, revenues rose by 18% to £583.2m.

Manchester’s debt also rose up from £419.5m in 2021 to £514.9m this year, which is an increase of more than 22%.

As a result of the signings of Cristiano Ronaldo, Jadon Sancho, and Raphael Varane, wages rose by 19.1%.

“Our financial results for fiscal 2022 reflect a recovery from the pandemic, a full return of fans and new commercial partnerships offset by increased investment in the playing squad,” said club chief financial officer Cliff Baty.

“Our results have been adversely affected by the absence of a summer tour in July 2021, material exceptional and increased utility costs, and the impact of the weakening of sterling on our non-cash finance costs.”