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Manchester United take a financial hit

Manchester United's accounts for the year to June 2020 have been made available.   They lost £23m, mainly due to Covid-19 disruption.  There were £26m net finance costs, mainly on Glazer debts.   They still paid out £23m in dividends, largely to six members of the Glazer family.

Total revenue was down by a fifth to £509m, but it's going to get worse.  Revenue for April to June was down by two fifths.

For the three month period commercial revenue was down by 11 per cent from £66.7m to £59.4m. Broadcasting revenue was down by 59 per cent from £40.9m to £16.7m.   Matchday revenue was down by 77 per cent from £23.8m to £5.5m.

Over the twelve month period the biggest fall was in broadcasting revenue down by 42 per cent from £241m to £140m.   This was mainly due to non-participation in the Champions League.

United's net debt at the end of June 2020 was £474m, an increase of £271m over the year, partly because of adverse movements in the GBP:USD exchange rate.   Until the Glazer takeover in 2005 the club was debt free.


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