Home Sport Manchester United’s debt hits £430m

Manchester United’s debt hits £430m

Manchester United have announced their debt has risen close to £430 million in their latest financial figures.

The Premier League club’s third quarter results revealed net debt has increased by £127.4million to £429.1million as football across Europe comes to terms with the coronavirus pandemic.

The net debt rose due to foreign exchange costs and transfer fees paid for the players, including Harry Maguire and Bruno Fernandes.

Executive vice-chairman, Ed Woodward, described the “challenges” created by the coronavirus that meant United have not played a competitive game since March 12.

United have also said they expect to pay broadcasters a rebate of around £15million because of the outbreak “following delay and broadcast schedule changes to the 2019-20 season.”

“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,” Woodward said.

“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.

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