MANCHESTER UNITED lost a staggering £116million last year according to their latest financial results.
The Red Devils spent big on wages and transfers last season with arrivals such as Cristiano Ronaldo and Raphael Varane.
But fans also returned to Old Trafford following the pandemic, which allowed the club to increase its revenue by 18 per cent.
Revenue is up to £583m yet the club still reported a huge net loss which works out as £2.2m a week.
The main factor behind such a loss is the sharp rise in wages, which are up by 19 per cent.
That means United spent a Premier League record £384m on wages last year alone, up by £62m from the previous season.
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On top of that United increased their debt by 22 per cent and the figure they owe stands at £515m – up £95m from £420m.
The results follow on from the previous year when the club recorded an annual loss of £92m – but that could be partly explained by the impact of the pandemic.
And unfortunately for United it seems they could continue to experience losses after spending more than £220m in the summer transfer window.
But according to club director John Murtough spending is set to be cut back in future windows.
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He said: “Overall, we are ahead of schedule in our recruitment plans as envisaged at the start of the summer, and we do not anticipate same level of activity in future windows.
“As always, our planning focuses on the summer window”.
The latest figures were met with repeated calls of “#GlazersOut” on Twitter, with fans hoping the news might boost the chances of the hugely unpopular American owners selling the club.
The Red Devils have also been hit by a decline on the stock market too.
In June shares dropped to a record low – plummeting by £1.3billion as they traded at £9.77, compared to £13.82 12 months earlier.
Shares have since picked up to a share price of £13.48, but that is still some way short of a value of £19.98 per share in September 2021.
Source: Soccer - thesun.co.uk
