English giants Manchester United have revealed their financial picture in the wake of the 2021-22 season after posting another net loss under the ruling hand of the Glazier family.
In information released by the club and reported by Sky Sports, the Red Devils announced that they succumbed to a net loss of over £115m last term on the back of a myriad of contributing factors.
Cliff Baty, United’s chief financial officer, offered an initial overall assessment of the numbers when he explained “Our financial results for fiscal 2022 reflect a recovery from the pandemic, a full return of fans, and new commercial partnerships offset by increased investment in the playing squad.”
“Our results have been adversely affected by the absence of a summer tour in July 2021, material exceptional and increased utility costs, and the impact of the weakening of sterling on our non-cash finance costs.”
A main talking point is sure to be the club’s trio of big-name signings last season after securing deals for Cristiano Ronaldo, Jadon Sancho, and Raphael Varane, which not only saw the clubs’ wage bill increase 19.1% to £384.2m but said increase also saw the Red Devil’s wages surpass rivals Manchester City as the most expensive in the history of the Premier League.
Despite the overall grim picture from last season, Manchester United director John Murtough recently revealed that the club is “ahead of schedule” in its overall project to get back to the summit of the Premier League in due course after another summer of serious investment after the arrival of Erik ten Hag that saw the club splash out over £200m on Ajax duo Antony and Lisandro Martínez as well as Tyrell Malacia, Casemiro, Martin Dubravka, and Christian Eriksen (free transfer).
Murtough was adamant that this level of spending will not become the norm for the club on a summer-by-summer basis moving forward, but rather the club wanted to get back on track as soon as possible when turning over a new leaf under new management on the pitch.
Should United return to Champions League football next season, make a deep run in Europe in the current 2022-23 campaign, and bank on the fact that they were back to business regarding their regular summer tour, the financial picture at Old Trafford could improve quickly if smart management finally prevails.