Premier League giants Manchester United have announced a loss of £70m in their annual revenue with it shrinking by almost 20 percent by the end of the financial year as compared to previous values. This follows the trend across Europe with both Juventus and Barcelona also announcing losses.
Despite an influx of transfer business this summer, clubs from across the world have already started reporting serious losses because of the coronavirus pandemic. Serie A giants Juventus announced that they lost £71 million in annual revenue for the financial year 2019/20 while Barcelona announced that their net debt had doubled to £488 million. Not only that the La Liga giants also announced a loss of £97 million for the same financial year.
They are not the only ones, however, as Manchester United join the list with them announcing losses of £70 million in annual revenue. Their net debt also increased by a 133% to £474.1 million, with their total revenue down 13% to £509 million which is their lowest figure since the 2014/15 financial year. Not only that, it’s a drop from their 2018/19 revenues which finished at £627.1 million for a drop of 18.8%.
The report further added that broadcasting revenue, for the club, fell by 41.9% from £241.2 million to £140.2 million while their matchday revenue dropped 19%. They won’t be the only ones, however, as reports have indicated that nearly every Premier League club has more or less similar figures with broadcast and matchday severely affected.