All-time Premier league club; Manchester United news now, yesterday CEO announced a net loss of £115.5 million ($130.4 million) in this 2021/2022 football season even though the revenue has revolt to £583 million as coronavirus restrictions eased
The club marking its financial year in the month of June 30th, 2022 has observed a 22 per cent rise in debt and also about 19 per cent rise in wages(salary)
Recall that in 2021 the 20-time english championship net debt had risen from £419.5 million to £514.9 million
The club has attributed their rise in debt to the fall in pounds which increased the value of US dollars borrowings
Also, to other things like dividends which amounts to £33.6 million to shareholders as well as £24.7 million given to their former manager (Ole Gunnar Solskjaer) sacked in November,2021 as compensation
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All been said, it is ideal to note that the highest item which contributed to Man United’s swirling cost was the increase in wages which amounted to the total sum of £384.2 million
Also, the failure of Manchester United to qualify for the championship league this season will definitely hit their financial status
According to the Club’s Chief Executive Officer, Richard Arnold in an interview stated that the club’s main mission is to win football matches as well as entertain fans
He went on to disclose that since their last earnings report, the club has improved in the following:
- Strengthened their men’s first team squad
- Completed a memorable summer tour
- And also has established a foundation to build from come 2022/2023 season with the new manager
Though, start of the season with the new manger was not friendly, the club has made some good impressions lately having climbed to the fifth position in the premiere league table with 12 points as against six (6) points behind early season leaders Aresnal and will continue to climb higher till they win
Remember, The summer signing of Raphael Varane and Jason Sancho, as well as the return of Cristiano Rolando (CR7) triggered fans dream of premier League title last year
Despite the singing of players, Man United finished in the premiere league challenge last year at the sixth position, and it was their lowest points in the premiere league era
Also, the club had to sign a new manager (Erik Ten Hag) during the summer, they went on spending about £200 million in signing other players in the likes of Anthony, Lisandro Martinez, Casemiro and Tyrrell Malacia
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