September 22, (THEWILL) – A significant step in Manchester United’s recovery from the financial damage of the COVID-19 epidemic is a disclosure that the club earned £583.2 million in revenue for the 2021/2022 season, an 18% increase in turnover from 2020/2021.
The club did, though, post an operating loss of £87.4 million and a net loss of £115.5 million for the twelve months that ended on June 30, 2022.
The revenue still has not fully recovered to pre-pandemic levels, which were last attained in 2019 when it hit a club high of £627.1 million. However, the 2021/2022 results were hampered by the absence of a preseason tour last summer due to lingering issues, and the club is forecasting income of up to £600 million for 2022/2023, which could have been more if they were playing in the Champions League.
As a result of playing fewer home games and placing sixth in the English Premier League in 2021/2022, as opposed to second the season before, advertising revenue increased by 11% but broadcasting revenue decreased by 16%. Matchday revenue increased by nearly 1,500% from the previous season when fans were barred from Old Trafford for all but one game. Matchday revenue had been nearly completely wiped out by the pandemic.
Total net debt is £514.9 million. Foreign exchange losses on a “retranslation” of USD borrowing and a substantial drawdown on the club’s revolving credit facility account for the increase of that amount by about £100 million from a year ago.
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Jude Obafemi is a versatile senior Correspondent at THEWILL Newspapers, excelling in sourcing, researching, and delivering sports news stories for both print and digital publications.