Financial Report: Pandemic sees Manchester United post first loss in five years
PA Images | "On the pitch, we have strengthened the team over the summer and we remain committed to our objective of winning trophies, playing entertaining, attacking football with a blend of academy graduates and high-quality recruits, while carefully managing our resources to protect the long term resilience of the club," said executive vice chairman Ed Woodward.
The Premier League club recorded a £20.8 million pre-tax loss for the 2019/20 season, according to their just-released financial report.
Cash fell by a total of £256.1 million in the year due to deferred sponsorship payments, loss of matchday advance cash receipts and increased player investment.
Turnover dropped by 18.8 per cent to £509 million in part because of non-participation in the Champions League. However, vital commercial income has risen for the first time in four years.
United did not provide revenue or adjusted EBITDA guidance for fiscal 2021 "given ongoing uncertainty".
21 October 2020 - 12:17 PM
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