Manchester United News: CEO Richard Arnold announce £115.5m net loss for 2021/22 season

In Manchester United News, the club have announced a net loss of £115.5m for the 2021/22 season even though revenues rose by 18 per cent to £583m.

Figures released incorporating the final quarter of their financial year, which ended in June, showed losses rose by £23m on the previous year.

United put that rise of £95.4m primarily down to £64.6m of unrealised foreign exchange losses on the retranslation of borrowings in United States dollars. Revenue rose by £89.1m.

The club's net debt also went up, from £419.5m in 2021 to £514.9m this year, an increase of more than 22 per cent.

"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," said chief financial officer Cliff Baty.

"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."

As a result of the signings last summer of the likes of Cristiano Ronaldo, Jadon Sancho and Raphael Varane wages leapt by 19.1 per cent, a rise of £61.6m to £384.2m.

That figure is the highest in Premier League history, surpassing the previous mark set by Manchester City (£355m).

Pay-offs to managers Ole Gunnar Solskjaer, sacked in November, and Ralf Rangnick, who did not take up a two-year consultancy role at the end of the season having initially assumed interim charge, and their associated coaching staff, amounted to £24.7m.

The club forecast total revenue for the 2022/23 period to be between £580m and £600m and is targeting adjusted core profit between £100m to £110m.

That is despite the team's failure to qualify for the Champions League this season.

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