Man Utd post 23 million pounds loss as shutdown hits revenue
CGTN

Manchester United posted a 23-million-pound ($30 million) loss for the financial year to June 30 as revenues fell due to the coronavirus pandemic and a lack of Champions League football. 

The fresh spike in COVID-19 cases across Europe is likely to further delay the return of supporters, hurting income from matchday ticket and catering sales, as well as museum tours for the bigger clubs. 

"Our top priority is to get fans back into the stadium safely and as soon as possible," said United Executive Vice Chairman Ed Woodward. 

Premier League clubs last week rejected plans put forward by Liverpool and Manchester United for radical changes to the English game's structure and finances and said they would conduct their own review. 

Kylian Mbappe (R) of PSG and Axel Tuanzebe of Man Utd during Champions League game in Paris, France, October 20, 2020. /VCG

Kylian Mbappe (R) of PSG and Axel Tuanzebe of Man Utd during Champions League game in Paris, France, October 20, 2020. /VCG

The Red Devils' wage bill fell by nearly 50 million pounds because player wages fell after the club failed to qualify for the Champions League and because high earners such as Alexis Sanchez and Romelu Lukaku were offloaded.

United, who have made a mixed start to the new English Premier League season on the pitch, said revenue in the year ended June 30 fell by 19 percent to 509 million pounds, with some fixtures being delayed beyond that date. It gave no financial forecast for the current year.

Meanwhile, net debt rose by 10 percent to 474.1 million pounds at the end of June compared with the end of March.

The 20-time English champions said the impact of the coronavirus crisis on revenue has been partially offset by lower matchday costs and reduced travel due to the three-month suspension of matches from March to June. 

(With input from agencies)