Manchester United Borrow £60m As Debt Rises By 16.4 Per Cent (Details)

by SportsWriter
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Manchester United have taken another loan from the bank to ease the financial burden caused by the coronavirus pandemic, MySportDab reports. 

The Red Devils announced the news with their second quarter financial results between December 31 and March 4th.

In 2020, United took out a £200m credit facility as a precaution against a massive drop in revenue while many clubs are struggling.

According to MySportDab Sources, United are estimated to have lost over £100m in income directly caused by the coronavirus crisis.

On Thursday, United revealed that their stadium matchday revenue had fallen 94.2 per cent from £55.2m to just £3.2m over a six months period.

An overall revenue reduction of £22m was limited because United played in the Champions League group stage this season.

United’s net debt has gone up by 16.4 per cent to a shocking £455.5m.

United’s revenue reduced gradually by 7.2 per cent year-on-year to £281.8m with profit dropping to just £33.8m.

A return to the Champions League gave United broadcasting revenue of up to £156.3m, a 60.1 per cent increase.

Commercial revenue reduced 19.1 per cent to £122.3m.

United’s final match of the season, against Fulham at Old Trafford on May 15, could host fans and Ed Woodward is excited about fans being back.

‘We remain focused on preparing for the return of fans at Old Trafford,’ he said.

‘We have seen some examples around the world of live matches with reduced number of fans done safely with social distancing.

‘The successful rollout of vaccines and dropping rate of infections in the UK has made us more excited about the Government’s plan out of the lockdown.

‘Initially, fans will return will a few number but hopefully by next season we can have full capacity.’

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