Manchester United made a net loss of £115.5million last season, the club's quarterly financial figures revealed today.
United's overall revenue was up 18 per cent to £583.2m, up £89.1m on last year, with the normalisation of revenues post-COVID reflecting the return of fans to games and the club's commercial resilience emerging from the pandemic.
The club's net debt is £514.9m, compared to £419.5m for the same period the previous year, an increase of £95.4m.
The increase in debt reflects the continued impact of COVID, with United having made a £100m drawdown on revolving credit facility to offset £200m of cash lost during the pandemic.
United Chief Executive Richard Arnold said: “Our club’s core mission is to win football matches and entertain our fans.
“Since our last earnings report, we have strengthened our men’s first team squad, completed a successful summer tour, and established a foundation to build from in the early stages of the 2022/23 season under our new manager Erik ten Hag.
“We have also continued to develop our women’s team with an aim of reinforcing our position among the leading clubs in the Women’s Super League.
“Ultimately, we know that the strength of Manchester United rests on the passion and loyalty of our fans, which is why we have made fan engagement a strategic priority.
“While there is a lot more work to do, everyone at the club is aligned on a clear strategy to deliver sustained success on the pitch and a sustainable economic model off it, to the mutual benefit of fans, shareholders, and other stakeholders.”
