Man United’s Debt Hits £535.7m Amidst Takeover Plan

Posted by Samson Kankan Featured, Latest Headlines, Sports News Friday, March 31st, 2023

(AFRICAN EXAMINER) – Manchester United’s debt increased by £58.6m to £535.7m in the year to 31 December 2022, according to the club’s latest financial results, published against the backdrop of a potential takeover.
The debt rose from £477.1m because of the weak nature of the pound against the dollar, with the figure unchanged in US currency at $650m.

Overall revenue was down by 10% year on year, despite an increase of 22.2% in commercial revenue, as a result of not qualifying for the Champions League and the World Cup taking place in November and December. Despite this United posted a profit of £6.3m in the final three months of last year.

Staff costs decreased by £20.4m to £77.3m because of the men’s team being in the Europa League rather than the Champions League and “squad turnover”, according to the results.

There was no mention in the report of the sale talks between the Glazers and a number of potential buyers. One bidder, the Finnish businessman Thomas Zilliacus, has said he wants to put fans at the centre of his proposed takeover.
“It [United] was there long before all these people who are bidding for it were born and it will be here long after all these people who are bidding for it have passed away,” he told the i newspaper. “The backbone of that institution is the fans and in that respect it’s hugely important the fans are at the centre of the decisions.”

Jim Ratcliffe and Qatari Sheikh Jassim submitted second bids last week in their attempts to buy the club.