Manchester United’s debt increases £429m

Manchester United’s debt is up to £429 million, up £127.4m over the last year, according to the latest financial results.

United’s broadcasting revenue fell by more than half for the three months up to March 31, partly due to a potential £15m rebate to Premier League broadcasters, and partly due to postponed games and being out of the Champions League.

United have abandoned their annual financial targets amid uncertainty over how football will overcome the coronavirus crisis.

Third-quarter profit fell 32 percent to £27.9m on revenue of £123.7m, down 19 percent, the club said.

Executive vice-chairman Ed Woodward last month conceded that United are not “immune” to the financial ramifications of the coronavirus crisis, although he also said the club can remain “highly competitive” in the upcoming summer transfer window.

Fewer games have been played in this financial quarter due to the ongoing pandemic, with United making less money from broadcasting and matchday revenues.

“Operationally, the impact of the pandemic and measures to prevent further spread continue to disrupt ... businesses in a number of ways, most significantly in broadcasting and match day operations,” the company said in a statement.

Speaking on Thursday, Woodward said:

“Our focus remains on the health and well-being of our colleagues, fans, and partners around the world, and we are extremely proud of how those connected to the club have responded during this crisis.

“Since the start of the pandemic, Manchester United and our Foundation have provided assistance to hospitals, charities and schools in our communities, as well as support for frontline workers and vulnerable fans.

“These actions reflect our core values as a club and the resilience through adversity that we have demonstrated many times throughout our long history and will do so again to weather these current challenges.”