Manchester United have released their financial report for the third quarter, which shows the club suffering operational losses of £21.6m, along with an increase in their overall debt.
The Q3 report shows that United’s debt has grown 3.4% in the three months since the end of March, which is a rise of £14.4m, posting an overall net loss of £18.1m.
With the total net debt standing at a £443.5m, the third highest in world football, behind Tottenham Hotspur and FC Barcelona.
Commercial revenue was also down by 15.3%, as the club continues to feel the pinch from the pandemic.
Understandably, Covid has had a major impact on Man United’s matchday revenue, as Old Trafford remained mostly closed to fans throughout the entire period this report is based around.
Overall, matchday revenue was down 94.5% on the previous year. The club generated just £1.6m in matchday income this quarter, a stark difference from last year’s £29.1m. 12 home games in all competitions took place behind closed doors during this period.
There was an enormous increase in broadcast revenue.
United listed a 125.4% increase from £26m in Q3 2020 to £58.6m this time around, more than double from the previous year.
This is due to every Premier League game been made available for public viewing on television throughout the entire duration of the 2020/21 season.
Ultimately, this all works out at an operational loss of £21.6m, compared to last years £3.3m.
The club has been heavily criticised for its treatment of fans under the Glazer ownership model, practically begging supporters for forgiveness following the European Super League debacle in April.
In his accompanying notes, Executive Vice-Chairman Ed Woodward called the fans the “lifeblood of the club” and spoke about the excitement around them returning in greater numbers once restrictions are lifted.