UNITED COUNT CORONA COST

MANCHESTER United have offered a glimpse into the financial impact of the Covid-19 pandemic on football, but vowed they were strong enough to cope with ‘one of the most extraordinary and testing periods’ in their history.

Announcing financial results revealing the club’s debt soared by £127.4million in the first three months of the year, United said the impact of coronavirus had already cost them £23m – a figure which will rise significantly.

United’s figures – which account for only the first 18 days of football’s suspension up to March 31 – highlight the scale of losses in broadcast, matchday and sponsorship revenue being faced across the Premier League.

Chief executive Ed Woodward warned: ‘Our third-quarter results reflect a partial impact the pandemic has had on the club. Clearly the greater impact will be in the current quarter and likely beyond.

‘This crisis will not disappear overnight. However, our club is built on a solid foundation. We remain firmly optimistic about the long-term prospects once we have worked our way through what is undoubtedly one of the most extraordinary and testing periods in the 142-year history of Manchester United.’

The January signing of Bruno Fernandes, for a fee which could rise to £67m, must be taken into account in the 42.2 per cent increase in United’s debt to £429.1m. The club also have £90.3m of cash balances and £150m available under a revolving credit facility. But although the Premier League is aiming at a June return, matches behind closed doors will continue to hit revenue while United have already accounted for having to return £20m to broadcast partners even if the season is completed.

‘This club has endured two world wars, a global depression, the credit crunch and a previous pandemic,’ said United’s managing director Richard Arnold, although he cautioned: ‘The economic ramifications from this pandemic will continue to resonate for years to come.’