Man Utd confirm increase to debt in latest financial statement
Manchester United debt rose by £58m in the 12 months from the end of 2021 to the end of 2022 as a result of changes in the exchange rate between US dollars and pound sterling.
The $650m figure, termed ‘non-current borrowing’ in the club’s latest set of accounts for the three months ending 31 December 2022, did not actually change. But because UK currency is weaker against the American dollar than it was, the amount in pounds grew from £477m to £535m.
Revenue for the quarter was down 10% compared to the same period last season. The reason for that was primarily down to playing in the Europa League instead of the Champions League, as well as playing two fewer matches than had been the case in October, November and December 2021.
Commercial revenue increased by 22% to just under £79m, but broadcasting and matchday revenue both fell for the reasons already mentioned.
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Overall, United still posted a net profit of £6.3m for the period in question and the club continues to project a total annual revenue for the 2022/23 season – the 12 months finishing 30 June 2023 – between £590m and £610m.
The latest financial statement and debt figures come against the backdrop of a potential takeover at Old Trafford, the first since the Glazer family assumed control in 2005.
Sheikh Jassim bin Hamad al-Thani and Sir Jim Ratcliffe are the two leading bidders, each submitting new offers this month. Finnish businessman Thomas Zilliacus has also emerged on the scene and has pledged to put half the money to buy the club if fans around the world also donate.
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