Manchester United executive vice-chairman Ed Woodward has said the clb are having to “carefully manage resources” because of the ongoing coronavirus pandemic as the club’s latest financial results showed net debt has increased by 133% to £474.1 million.
As well as the huge increase in debt, United’s fourth quarter and full financial year results also showed a revenue drop of 19% to £509m and a loss of £23.2m compared to a £18.9m profit made last year — all largely because of effect of COVID-19.
“Our focus remains on protecting the health of our colleagues, fans and community while adapting to the significant economic ramifications of the pandemic,” Woodward said. “Within that context, our top priority is to get fans back into the stadium safely and as soon as possible.
“We are also committed to playing a constructive role in helping the wider football pyramid through this period of adversity, while exploring options for making the English game stronger and more sustainable in the long-term.
“This requires strategic vision and leadership from all stakeholders, and we look forward to helping drive forward that process in a timely manner.
“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.”