According to Manchester United executive vice-chairman Edward Woodward claimed that the English club had to adapt to “significant economic ramifications” brought about by the coronavirus outbreak as they announced a hit to their revenue with a net debt rising by 133 percent.
The Premier League giants announced their Q4 financial results on Wednesday which made known how the coronavirus pandemic has affected them, with new online casinos have predicted the impact of the virus affecting several sports outlets.
The result made it known that the England club saw revenue drop of 19% to $664 million and a loss of $30 million which was compared to the $25 million profit they made last year.
The Red Devils confirmed that the Covid-19 pandemic cost the club $91 million in revenue, along with the lack of matches at Old Trafford and the closing of the club shop, which contributes a large amount.
Their principal debt remains constant, as the club’s net debt goes up to 133 percent to $618 million. The excessive rise of the figure is said to be due to the low income made thanks to the widespread outbreak earlier this year along with the money that was spent on players this summer.
Speaking to the press, Vice-chairman Woodward said: “Our focus remains on protecting the health of our colleagues, fans, and community while adapting to the significant economic ramifications of the pandemic.
“Within that context, our top priority is to get fans back into the stadium safely and as soon as possible.”
During the summer transfer window, the Old Trafford outfit welcomed the signing of Donny van de Beek from Ajax, Alex Telles from Porto, Facundo Pellistri from Penarol, Amad Diallo from Atalanta, and Edinson Cavani as a free agent. The five transfers made by the club this summer increased their debt, the club confirmed.
Woodward continued: “On the pitch, we have strengthened the team over the summer and we remain committed to our objective of winning trophies, playing entertaining, attacking football with a blend of academy graduates and high-quality recruits, while carefully managing our resources to protect the long-term resilience of the club.”
While this is already set, the Premier League giants have been reported to have extended their partnership with their jersey sponsor Chevrolet for six more months as they continue to look for a new company to take the American brand place when the partnership expires and https://fr.goldenrivieracasino.com is backing the club to complete a partnership deal before their current deal ends.
After securing a 2-1 victory against Paris Saint-Germain at the Parc des Princes in their return to Champions League football, Manchester United will return to Premier League action as they host Chelsea at the Old Trafford at the weekend.