MANCHESTER UNITED’S debt has soared by 133 per cent to £474million – with the club recording losses of £23m in 2019-20.
The Old Trafford giants had made a profit of £18.9m a year earlier.
But after revenue fell by 19 per cent – to £508m – the club have recorded huge losses for the coronavirus-hit season.
United had hoped to record revenue of around £570m for the 2019-20 season – but fell around £60m short.
In all, Man Utd‘s debt has grown by £270.5m to £474m – with the club blaming it on loss of match-day revenue and deferred sponsorship payments.
For the period between July 1 2019 and June 30 2020 – the club also revealed there had been a £56.4m increase in ‘net capital expenditure on intangible assets’.
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In total, United’s match-day revenue languished at just £89.8m – a whipping £21m down on the 2018-19 season.
The club also recorded a near-£6m on retail revenue – but that can be blamed on the Old Trafford Megastore being closed between March and June.
Elsewhere, broadcasting revenue was down by a staggering £101m – dropping to just £140.2m.
They explained: “Decrease of £256.1m in cash and cash equivalents because of £80m of deferred sponsorship payments, loss of match-day revenue/season ticket sales and £56.4m increase in net capital expenditure on intangible assets.”
On the news, United chief Ed Woodward revealed he is focused on getting fans back inside the stadium.
Woodward claimed: “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.
“This requires strategic vision and leadership from all stakeholders, and we look forward to helping drive forward that process in a timely manner.
“On the pitch, we have strengthened the team over the summer.
“We remain committed to our objective of winning trophies, playing entertaining, attacking football with a blend of Academy graduates and high-quality recruits, while carefully managing our resources to protect the long-term resilience of the club.”
