Following the upheaval caused by the coronavirus pandemic, Manchester United has revealed a loss of £23 million.
For the year ending June 30, the soccer team reported a 20% decline in revenue after most games were cancelled in the fourth quarter.
Loss on ticket sales and deferred sponsor payments have more than doubled Manchester United’s debt to £474 million.
Broadcast revenue fell almost 42% to £140.2 million. Matchday revenue fell 19% to £89.8 million.
“Our focus is on protecting the health of our colleagues, fans and communities while adapting to the important economic impacts of the pandemic,” said Vice President Ed Woodward.
“In that context, our number one priority is to bring fans back to the stadium safely and as soon as possible.”
“We are also working to play a constructive role in supporting the broader football pyramid through this adversity, exploring options to make the English game stronger and more sustainable in the long run,” he added.
“This requires strategic vision and leadership from all stakeholders and we look forward to driving that process in a timely manner.”
Due to continued uncertainty regarding social restrictions, Manchester United has said it will not issue revenue guidance for the 2020-21 fiscal year.
