Proving that there is a big payoff for fiasco, the Glazers made record profits despite losing more than £2 million in a week to Manchester United.
Here are the top five key points from the Red Devils’ latest financial report, covering the miserable past year…
1) United lost over £2m a week
The Red Devils announced a net loss of £115.5 million for the 2021-22 season. This is despite revenue up 18 per cent to £583m.
Even with fans allowed to return to the stadiums and Old Trafford filled for most of last season, losses are up by £23m from the previous year.
This means United lost around £2.2m a week over the 2021/202 period. by chance The same amount that Cristiano Ronaldo would wear by moving to Saudi Arabia.
2) Their wage bill is the highest in the Premier League
United paid their bloated and underperforming side a total of £384.2m last year. Although some clubs have yet to announce their numbers, this means that the Red Devils have the highest wage bill in the league.
It shows a 19.1 per cent rise from the previous year, up £61.6m, surpassing the previous high of £355m set by Manchester City. Who get a peek more for their money.
Had it been good, the wage bill would have been higher because many United players are on contracts with huge incentives.
3) United paid nearly £25m to exiled directors
The bonuses to coach Ole Gunnar Solskjaer, who was sacked in November, and Ralf Rangnick, who did not take a two-year advisory role at the end of the season after initially taking temporary charge, were valued at £24.7m for their associated coaching staff. .
This total is higher than the £19.6m that was paid to Jose Mourinho and his staff to dispose of it at the end of 2018.
Since Sir Alex Ferguson’s retirement, United have paid a total of £57.9m to coaches to get off their stride. David Moyes and his men got £5.2 million, while Louis van Gaal’s crew got £8.4 million.
Reminder: United gave Solskjaer a new three-year contract four months before getting dumped.
4) The club’s net debt increased by £94.5 million
United’s net debt has risen from £419.5m in 2021 to £514.9m this year, an increase of more than 22 per cent.
The club primarily put this rise down to £64.6m of unrealized foreign exchange losses on reconversion of US dollar borrowings.
“Our financial results for fiscal year 2022 reflect the recovery from the pandemic, the full return of fans and new business partnerships offset by increased investment in the team,” said Chief Financial Officer Cliff Baty.
“Our results were negatively impacted by the absence of a summer tour in July 2021, extraordinary material and utility costs increases, and the impact of a weaker sterling on our non-cash funding costs.”
Being sh*te didn’t help either.
– Kieran Maguire (@KieranMaguire) September 22 2022
5) The Glazers pants record dividend payments
United posted a net loss and club debt rose by nearly a quarter, but, to prove that there can be a payoff for fiasco, Glazers still pocketed a whopping £33.6m in profit.
Gary Neville was angry When the Glazers paid themselves £11m in June. They may be referring to the fact that this amount includes some deferred during Covid.
Or they will keep quiet because they don’t give away what Neville or anyone else has to say about their oversight of the club.