MANCHESTER UNITED’S debt has fallen by £50million – their annual financial results revealed this week.
The Red Devils’ net debt now stands at £419.1million, reduced from the £474.4m they reported last year.
Despite a net loss of £92.2m, a great deal of that can be put down to the club receiving a £66.6m non-cash tax charge.
The decrease in their debt is the result of an increase from season ticket revenues and the increased strength of the pound.
Man Utd’s wage bill has risen by 13.6 per cent to £322.6m, while their total revenue for the year was £494.1m.
They also reported an operating loss of £36.9m, a damning indictment of the impact the coronavirus pandemic has had on football clubs over the last 12 months.
This is seen most notably in the matchday revenue which was down to just £7.1m, compared with £89.8m in the year before.
But with crowds coming back and the return of club legend Cristiano Ronaldo, executive vice-chairman Ed Woodward is upbeat about the future.
BETTING SPECIAL – GET RONALDO TO SCORE VS WEST HAM AT 30/1
He said: “It has been an exciting start to the season at Old Trafford, with capacity crowds in attendance for the first time in almost 18 months.
“We were delighted to welcome back Cristiano Ronaldo to the club, along with Raphael Varane, Jadon Sancho and Tom Heaton, to further reinforce the progress that our first team has been making under Ole.
“This was made possible by the strength of our operating model, with sustained investment in the team underpinned by robust commercial revenues.
“Everyone associated with Manchester United can be proud of the resilience we have shown through the challenges created by the pandemic and we look forward to the rest of the season and beyond with great optimism.”
The figures come after it was revealed last week that Man Utd’s club value soared by £271million following Ronaldo’s return.
The announcement of the star’s signing sent the share price soaring by 9.8 per cent at one point before it fell back slightly.
Ole Gunnar Solskjaer’s side currently sit top of the Premier League table with ten points from their opening four games.
They face West Ham at the London Stadium on Sunday.
FREE BETS: GET OVER £2,000 IN NEW CUSTOMER DEALS
Source: Soccer - thesun.co.uk
