Manchester United have revealed the financial damage of the Covid-19 pandemic in their latest set of financial results, with revenues and profits suffering a significant blow.
United’s total revenues for the financial year were down by 18.8%, with matchday and broadcasting incomes hit by the ban on supporters attending Old Trafford and the rebate to television companies.
The club’s net debt figure rose by 133% to £474.1m due to a decline in cash reserves, with sponsorship and season tickets payments deferred while investment in the playing squad continued.
United’s principal debt - the amount of money initially borrowed - remains unchanged.
The Old Trafford club also announced a six-month extension to their shirt sponsorship with car manufacturers Chevrolet until December 2021.
It is understood that United remain in dialogue with potential future shirt sponsors, though an agreement was reached with Chevrolet to extend in order to provide certainty on revenues in an uncertain time.
Ed Woodward, United’s executive vice-chairman, 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.
"We are also committed to playing a constructive role in helping the wider football pyramid through this period of adversity, while exploring options for making the English game stronger and more sustainable in the long-term.
"This requires strategic vision and leadership from all stakeholders, and we look forward to helping drive forward that process in a timely manner.
"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.”