Manchester United reported growing losses and a growing debt pile for the third quarter of its financial year, just days after the end of a Premier League season in which the club failed to qualify for the Champions League.
The Old Trafford team, listed on the New York Stock Exchange, said they were fully concentrated on increasing performance on the field after a 21/22 domestic league campaign that saw United finish sixth in the table.
Achieving 58 points was the lowest total for the club in Premier League history, and meant they would instead have to compete in the second-best European competition next season – the Europa League.
“It’s definitely been a disappointing season for the men’s first team,” chief executive Richard Arnold said.
“Work is well underway to resolve this, led by our director of football John Murtough and our new manager, Erik ten Hag.”
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United have struggled to achieve consistency and results since Sir Alex Ferguson’s departure in 2013.
It has been a source of immense frustration for the fans – with anger directed at club owners the Glazer family as the big spending rivals Manchester City and Liverpool have moved on to take much of the domestic booty.
A bright spot for United in the three months leading up to March 31 was a 29 per cent jump in revenue to £153 million.
That was largely due to sales on matchday rising 20 times as Old Trafford welcomed fans back from COVID restrictions.
Wages rose nearly 20% in the quarter to £102m.
But United reported a net loss of £27.7m, compared with a loss of £18.1m in the same period last year.
Net debt grew 11% to £496m.
Arnold, who took over the running of the club from Ed Woodward Earlier this year, he added: “Resilience and high standards are core values for Manchester United and we are determined to achieve better results next season and beyond.”