Manchester United manager Ole Gunnar Solskjaer spoke last week about the financial hit suffered by the club because of COVID-19, and the latest financial records confirm the story.
The club released its second-quarter fiscal 2021 results, which revealed that its debt has soared by 16% up to £455.5 million after 12 months of the COVID-19 pandemic.
As per a report from Sky Sports, United’s revenue took a hit of 7.2% year-on-year to £281.8m, while their profit dropped by 6.9% to £33.8m.
The club’s commercial revenue fell by 19.1%, dropping down to £122.3m. With the games played without fans, matchday revenue suffered a drop from £55.2m to £3.2m.
However, the club saw a rise in their broadcasting revenue up to £156.3m, an increase of 60.1 percent, boosted by United’s return to the Champions League.
But despite these figures, executive vice-chairman Ed Woodward said that the club is showing clear signs of progress under Solskjaer.
“As we approach a full year since our last game with fans at Old Trafford, we reflect on an extraordinarily challenging 12 months for football and society as a whole,” said Woodward.
“The rapid rollout of vaccines in the UK and beyond gives us confidence that we are now on a path towards normality, including the return of fans to stadia.
“While the disruption to our operations remains significant, we are pleased by the tremendous resilience the club has demonstrated through the pandemic, underpinned by the dedication of our people and the strength of our commercial business.
“We have been reminded of the importance of football as a source of community, entertainment and pride to fans around the world, even as we have sorely missed them at Old Trafford.
“The progress made by Ole and the players this season is clear and our thriving Academy and Women’s team are also adding to the optimism we feel about the future on and off the pitch.”