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No Premier League owners have taken out more money than the Glazers

The authoritative Swiss Ramble review the latest quarterly accounts of Manchester United: https://swissramble.substack.com/p/manchester-united-finances-q1-202223?utm_source=substack&publication_id=1203438&post_id=89847265&utm_medium=email&utm_content=share&triggerShare=true&isFreemail=true

This is the third year in a row that Manchester United have reported a pre-tax loss in Q1. It is worth noting that last season’s £20m loss in Q1 ultimately became a £150m loss for the full year.

The difference in United’s earnings in seasons where they qualify for the Champions League is stark. As an example, they earned £68m in 2021/22 for reaching the last 16 in Europe’s premier tournament, but only £26m in 2019/20 even though they got to the Europa League semi-final.

There was clearly scope for a reduction in wages, as United’s £384m in 2021/22 was comfortably the highest in the top flight.  In fact, this was the highest ever wage bill in the Premier League, despite United only finishing 6th and missing out on the Champions League.

in the 16 years since the Glazers’ arrival in 2005 up to 2021, Manchester United’s £725m interest payment was nearly three times as much as the next highest club, namely Arsenal with £251m.  Looked at another way, it was very nearly as much as the rest of the Premier League combined, which added up to £749m.

No owners in the Premier League have taken out more money than the Glazers. As an example, in the 10 years up to 2021 United paid £154m to their owners (mainly the Glazers), while others have put significant funds into their clubs, e.g. Manchester City £684m, Chelsea £516m and Aston Villa £506m.

The club continues to spend big in the transfer market, but much of this has been funded by increases in debt in the shape of higher drawdowns from the bank and record transfer debt. Potential investors into United would do well to take a close look at their finances, including their exposure to currency movements and higher interest rates.


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