Manchester United have defended their policy of paying out annual dividends to shareholders after being questioned on the approach by supporters.
Yearly accounts released last month showed dividends worth £33.6million were paid out in the year to June 2022, with the vast majority going to the Glazer family.
That takes the total dividend payments to £155million in seven years and the policy has angered supporters who have criticised the Glazer family for a lack of investment in the club and their absent ownership.
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The financial results for the year to June 2022 revealed United made a net loss of £115.5million and it was a disastrous year on the pitch as well, with the club recording its worst-ever Premier League season.
Chief executive Richard Arnold was grilled on the dividend payments at a fans' forum last month, which was held before the latest financial results were released.
A supporter asked how the dividend payments were justified given the losses made the club and on the back of an "incredibly poor year."
"Dividends are a mechanism for providing a return to investors, including pension funds and thousands of small investors and fan shareholders, based on long-term profitability," explained Arnold.
"While the pandemic has impacted recent financial performance, we were consistently profitable in the years beforehand and we expect to be again in future.
"Our five-year average dividend yield of 1.1%, compares with average of 1.7% for S&P 500 and 3.9% for FTSE 100 companies. Our dividend policy is subject to annual review by the Board of Directors."
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