Manchester United have announced a net loss of £115.5m for the 2021-22 season, according to BBC Sport.
Although revenues rose by 18% to £583.2m, latest figures incorporating the end of their financial year in June showed losses rose by £23.3m compared to 2021.
The club’s net debt has also risen by £95million, from £419.5m in 2021 to £514.9m this year – an increase of more than 22%.
As a result of the blockbuster signings last summer which saw Jadon Sancho, Raphael Varane and Cristiano Ronaldo join the club, wages rose by 19.1%, a rise of £61.6m to £384.2m, which means the Red Devils currently have the highest wage bill in Premier League history, eclipsing Manchester City’s £355m.
John Murtough drops a hint on how active Manchester United will be in future transfer windows
Speaking during a press conference where Manchester United’s chief executive Richard Arnold spoke to investors on a conference call, John Murtough, the club’s football director, also spoke.
Murtough praised Erik ten Hag for the impact the Dutchman has already made at the club and spoke about United’s summer transfer business.
The Red Devils spent over £200m during the summer transfer window and brought in Tyrell Malacia, Christian Eriksen, Lisandro Martinez, Casemiro and Antony, as well as signing Martin Dubravka from Newcastle United on a season-long loan.
After a record outlay in a summer transfer window, Murtough hinted that United won’t be as busy in future transfer windows.
Murtough said: “After a thorough search and due diligence process it was clear to us that Erik was the strongest candidate, based on his outstanding coaching record, his commitment to the proactive, attacking football we want to play, and the vision and ambition he showed for the role.
“There is still a long way to go, but we have already seen, during his first four months in charge, an increased unity, focus and drive that bodes well for the future.
“We will continue to support Erik in ensuring he has players with the right quality and characters to achieve success, while ensuring that investment remains consistent with our commitment to financial sustainability.
“Overall, we are ahead of schedule in our recruitment plans as envisaged at the start of the summer, and we do not anticipate the same level of activity in future windows. As always, our planning focuses on the summer window.”
After losing the first two Premier League games of the season, it seems that the willingness to spend over £140m on Brazilian duo Casemiro and Antony was potentially a direct result to the dire start to Ten Hag’s tenure.
Included in the financial figures were pay-offs to managers Ole Gunnar Solskjaer, sacked in November 2021, 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, which amounted to £24.7m.
United also paid £33.6million out in dividends to shareholders in the year to June 30, 2022.