Manchester United’s slow start to the season on the pitch was pushed to one side on Friday as details emerged of large financial losses over the past year.
The total pre-tax loss is £79.6 million. There are many different elements and circumstances which contributed to this figure, but overall, it is another worrying piece of news for the club and its many fans.
Much of the loss came from finance charges of around £67 million, paid as part of a refinancing deal earlier in the year by the club’s owners, the Glazer family. The Americans are under pressure due to the financial restrictions they are imposing with the huge debts they have built up, in a very similar situation to what is happening at the club’s great rivals, Liverpool.
Overall annual turnover did increase to £286.4 million, but few fans will take comfort in that, and Sir Alex Ferguson looks to have his work cut out to find a winning formula with less and less money available to help him.
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