Manchester United reports net loss of £115.5 million

'Our financial results for fiscal 2022 reflect a recovery from the pandemic,' said CFO Manchester United

KARACHI: Manchester United reported a net loss of £115.5 million for the 2021–22 campaign, despite an 18% increase in income to £583.2 million.

According to data disclosed after the end of their fiscal year in June, losses increased by £23.3 million from 2021 to 2018.

The club's debt increased as well, rising from £419.5 million in 2021 to £514.9 million this year, a more than 22% increase.

"Our club's mission is to win football matches and entertain our fans," chief executive Richard Arnold said.

The pay of players like Cristiano Ronaldo, Jadon Sancho, and Raphael Varane, among others, increased by 19.1%, or £61.6 million, to £384.2 million, as a result of their arrivals last summer.

That amount surpasses Manchester City's previous record of £355 million to become the most in Premier League history.

"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 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."

Payouts of £24.7 million were given to managers Ole Gunnar Solskjaer, who was fired in November 2021, and Ralf Rangnick, who did not accept a two-year consulting position at the end of the season after initially taking over as temporary manager.