Manchester United’s financial performance in the first quarter of the fiscal year was revealed by executive vice-chairman Ed Woodward.
Given how the United authority have been hiding these facts for a long time, it’s safe to say fans will be disappointed with the results and what Ed Woodward stated. Of course, the most important figure is the net debt, which has remained unchanged for the entire year.
United fans have been fustrated with the club’s owners, the Glazer family, since they took control because of the club’s massive debt. To make matters worse, they secretly take all the profits for themselves, regardless of the club’s financial issues.
As reported by SkySports, The net debt of the club has barely changed from last year. It was £440m last year. and now it has changed very slightly to £439.7m which is not even 1% decrease.
Total revenue for the quarter: £126.5m.
Up from £109m last year (16.1% rise), mainly due to fans being back at Old Trafford.
Commercial slightly up (8%), broadcast slightly down (9%).
Net debt, of course, barely changed: £439.7m, compared to £440.6m same stage last year. #MUFC
— Laurie Whitwell (@lauriewhitwell) November 17, 2021
Employee wages for quarter were £88.5 m, increase of £16.6m (23.1%) on prior year quarter due to investment in squad (Ronaldo, Varane, Sancho).
Profit on transfers for quarter was £17.4m (loss of £12.6m last year). Mainly due to James sale but also sell-on for Lukaku #MUFC
— Laurie Whitwell (@lauriewhitwell) November 17, 2021
Ed Woodward on #MUFC Q1 accounts: “While these financial results today demonstrate our resilience through the pandemic, our top priority is success on the pitch. The manager, players + everyone at the club are determined to achieve that objective.”
— Laurie Whitwell (@lauriewhitwell) November 17, 2021
Ed Woodward however, ignored the fact that club is in major debt and talked about the club’s aim towards success.
One good thing to chear is that Chief Executive Ed Woodward will leave the club at the end of the year but the Glazers still rule the financial books. Although practically every Red Devils fan would like to see the Glazers go, the truth is that no official new owner would want to buy the club and clear such a massive debt.
In some ways, this means that the Glazers may rest comfortably that they will always be in command at Old Trafford until they choose to leave.
Given how they have ignored previous complaints, dating back to when they originally became the new owners, it’s also safe to believe they won’t be thrown out of the club.
Given the awful judgments they’ve made, as well as their reluctance and lack of urgency of late, Woodward’s claims of wanting success on the pitch appears to be lacking any actual evidence.
