Man United announce financial results as debt grows to £455 MILLION year on year

Man United's net debt has grown to a whopping £455.5 million, an increase of £64.2 million compared to last year, according to their second-quarter fiscal 2021 results, which were released on Thursday. The 20-time English champions highlighted the club's grim financial results as they continue to reel under the impact of the coronavirus crisis. This rise in the Man United debt was largely down to the sharp decrease in matchday revenue, which was a mere £1.5 million for the months of October, November and December 2020.

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Man United finances: Club post £455.5 million net debt in latest set of financial results

Like all football clubs in the UK, Man United are feeling the pinch from the impact of the coronavirus crisis, with Old Trafford now being closed to fans for the last 12 months. This has had a severe impact on the Man United revenue as the lack of fans at the iconic stadium has seen their matchday revenue fall by 95.5% compared to last year, when it stood at £33.1 million. The club's commercial revenue has also fallen, dropping from £70.6 million in the same period last year to £62.6 million now. 

However, despite the pandemic, their broadcast revenue has increased, largely due to their Champions League campaign. Over the last year, United's broadcast revenue has grown from £64.7 million last year to £108.7 million. United's total revenue has also seen a decline by 7.2% year-on-year to £281.8 million with profit dropping by 6.9% to £33.8m.

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Despite United's debt increasing by £64.2 million in the last 12 months, executive vice-chairman said Ed Woodward remained optimistic for a turnaround in the future and underlined the club's resilience, saying, "As we approach a full year since our last game with fans at Old Trafford, we reflect on an extraordinarily challenging 12 months for football and society as a whole. The rapid rollout of vaccines in the UK and beyond gives us confidence that we are now on a path towards normality, including the return of fans to stadiums."

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Man United are currently second on the Premier League table but 14 points behind league leaders and rivals Manchester City, who they visit on Sunday. They currently look on course to play in the Champions League for next season. Ole Gunnar Solskjaer's men have also progressed into the quarter-finals of the FA Cup and reached the last 16 in the Europa League after they were dumped out of the Champions League in the group stage. 

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Image Credits - AP