COVID-19 lockdown: Manchester United declares £28m loss
As many clubs continue to count their losses on the back of the coronavirus pandemic, English Premier League heavyweight, Manchester United, has announced a £28 million loss so far with the figure expected to rise.
This was disclosed in a statement on the club’s website on Thursday as it announced its third-quarter results for the period ending March 31, 2020.
According to Chief Financial Officer, Mr Cliff Baty, the club will return £20 million in television revenue even though the league is concluded.
According to Mr Baty, United also lost £8 million in the last three weeks of March when three of their games were postponed.
He explained that television broadcasters are getting the money due to the change of dates and time for the fixtures.
The 20-time winners of the league had 11 of their games moved due to the COVID-19 pandemic and last played against LASK in a last 16 Europa League tie.
Speaking further, Mr Baty said with the calling off of games, the club’s sponsorship revenue dropped, retail sales got hit and matchday revenue fell also.
The team’s Vice President, Mr Ed Woodward, admitted that football will not be business as usual for the foreseeable future.
“Our third-quarter results published today reflect a partial impact that the pandemic has had on the club, while the greater impact will be in the current quarter and likely beyond.
“There are still profound challenges ahead, and for football as a whole, and it is safe to say it will not be business as usual for some time,” he said.
Premier League teams returned to training this week as matches are expected to restart in June.