Manchester United’s latest financial figures have been released with a scarily high debt continuing to mount.
Manchester United released the quarterly financial figures, with some mixed news and figures.
The first point to note is that amid the figures, no update was provided on the ongoing sale process, with bids submitted to buy the club.
Owners the Glazers have invited bids, a proces which is being overseen by banking firm The Raine Group.
Manchester United financial figures
The positive news for Manchester United is that the club are back to making money, with a £6.3 million profit recorded for the last three months of 2022, The Athletic report.
Sponsorship revenue has increased, while the wage bill is also down, an impact of failing to qualify for the Champions League last season, which has also resulted in decreased broadcast revenue.
Manchester United’s debt stands at a staggering £535.7 million, the figures show.
This is an increase on the previous debt figures of £514 million. United had no debt before the Glazers took over in 2005.
Qatari bidder Sheikh Jassim has pledged to take Manchester United debt-free as part of his bid to acquire 100 per cent of the club.
His statement to the Financial Times last month said: “The bid will be completely debt free via Sheikh Jassim’s Nine Two Foundation, which will look to invest in the football teams, the training centre, the stadium and wider infrastructure, the fan experience and the communities the club supports.”
Rival bidder Sir Jim Ratcliffe is not expected to wipe out the club’s debt. Current owners the Glazers appear to have no plan to reduce it, and this is one of the many reasons Manchester United supporters are keen to see the back of them.
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