The Man Utd announced this Thursday a net loss of 132.52 million euros in the 2021-22 season, despite the fact that revenues increased by 18%, reaching 668.92 million, while the club’s debt grew more than 22% , bordering on 600 million.
According to the data offered by the club itself, the losses increased by more than 26 million euros compared to the 2019-2020 season. And the greater expense was attributed to the high salaries, which after the signings last summer of players like Cristiano Ronaldo, Jadon Sancho or Raphael Varanetheir wage bill increased by 19.1%, going from 370.68 to 440.82 million euros.
This figure is the highest in the history of the Premier League in terms of salaries, surpassing the previous mark set by Manchester City, with a wage bill of 407.32 million.
The data shows how the club’s net debt also increased, from 481.33 million in 2021 to 590.79 million this year, an increase of more than 22%. United attributed that increase mainly to a $74.12 million unrealized loss on the conversion of US dollar loans.
“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 squad,” said the club’s chief financial officer, Cliff Baty.
From United they indicated that these results were affected by “the absence of a summer tour in July 2021, the costs of exceptional and increased public services, and the impact of the weakening of the pound sterling” in non-monetary financial costs, according to Batty.
“We have strengthened our first men’s team, completed a successful summer tour and laid a foundation to build on in the early stages of the 2022-23 season under our new head coach Erik ten Hag,” said CEO Richard Arnold.
Finally, Arnold stressed that the club strengthened its women’s section, adding that there is “a lot of work to be done” in the entity. “Everyone at the club is aligned on a clear strategy to achieve sustained success on the pitch and a sustainable economic model off it, to the mutual benefit of fans, shareholders and other stakeholders.”