Man Utd debt soars to £429m as Ed Woodward issues statement on finances

Manchester United have seen their debt soar a gigantic 42 per cent to £429.1million as their Q3 earnings was released this lunchtime.

Losses for the last financial quarter, which runs from January 1 to March 31, 2020, amounted to £7.3m.

Revenue also dropped 19 per cent year-on-year – although that will mostly be down to playing in the Europa League instead of the Champions League.

The coronavirus pandemic has seen all of United’s matches postponed since early March which would also have had a major affect on the club’s finances.

However, their expenditures remained high as the Red Devils opted against using the UK’s furlough scheme.

United continue to pay all of their employees in full as well as offering their services to the NHS free of charge.

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Club executive vice-chairman Ed 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.

“In that spirit, we look forward to the team safely returning to the pitch and building on the exciting momentum that Ole and the players had previously achieved, while taking all necessary steps to protect public health.

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“Our thoughts remain with all those affected during this unprecedented time.”

Despite the tough times, United’s Q3 earnings show they still have £90m cash in the bank and a further £150m credit facility available.

United have also withdraw their financial predictions for the rest of the year because of COVID-19.

Woodward is set to answer questions from shareholders during a conference call this afternoon.

The summer transfer budget is expected to be high on the agenda after links with a £100m move for Borussia Dortmund winger Jadon Sancho.

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