United suffer big drop in revenue
MANCHESTER United’s revenue shrank by almost 20 per cent in the last financial year and the impact of Covid-19 continues to bite, but executive vice-chairman Ed Woodward vowed to continue investing in search of silverware.
The Old Trafford giants provided a glimpse into the financial strain put on elite clubs by the coronavirus pandemic when announcing their accounts up until June 30, 2020.
United posted total revenue of £509 million for 2019-20, compared to record revenues of £627.1m in 2018-19 - a drop of 18.8 per cent and their lowest revenue figures since recording £395.2m in 2014-15.
Net debt has soared 132.9 per cent from £203.6m to an eyewatering £474.1m and their accounts show a £23.2m loss for the financial year, with coronavirus making a direct £70m dent on the figures up until the end of June.
Woodward said there are “big challenges and uncertainties ahead” as he reflected on the accounts, but stressed United continue to support Ole Gunnar Solskjaer in his attempts to make the side a major force on the pitch.
“We will never be satisfied at Manchester United unless we are winning trophies,” the executive vice-chairman said after a sixmonth shirt sponsorship extension with Chevrolet until the end of 2021 was announced.
“But our third-place finish in the Premier League and strong cup runs last year showed that, while there is more hard work ahead and the path is not always smooth, we are making progress.
“We have a clear strategy under Ole to build a successful, committed team, with a core of homegrown talent blended with highquality recruits, that plays fast-flowing, attacking football.”
Woodward said the need to improve has to be balanced with recognition of “the extraordinarily challenging environment facing us and all football clubs at this time”.
Edinson Cavani, Donny van de Beek, Alex Telles and Facundo Pellistri were signed in the summer, with Amad Diallo to join in January, but United were unable to find a way to bring in England international Jadon Sancho.
Borussia Dortmund wanted 120m euros (£107m) the for player and Woodward pointed out that no deal was done this summer for more than 100m euros (£89m) for the first time in five years.