Manchester United have published financial figures showing a net loss of 18.1 million pounds for the three months ended 31 March 2021 as the effects of the coronavirus pandemic continue to be felt.
United had actually made a profit in their last set of quarterly accounts thanks to revenues affected by participation in the Champions League group stage, but a return to the Europa League after Christmas and the continued suppression of other revenue streams means a loss this time.
Commercial revenue decreased by 15% compared to the same three-month period last year, while revenue from match day has been almost non-existent as Old Trafford remained closed to fans throughout the current period – match day revenue decreased by 94.5% compared to the previous year.
Broadcasting revenues actually increased from what it was for the same period 2019/20. Football was suspended in March 2020 when the coronavirus outbreak first gripped Europe, while the 2020/21 schedule was tight and heavily congested to compensate for a late start to the season, meaning United played significantly more matches this quarter than a year earlier.
Shipping revenue increased as more games were played / Laurence Griffiths / Getty Images
But while shipping revenues more than doubled, total revenues for the period were £ 118.3 million, a decrease of 4.4% compared to the same quarter last season.
But with accounts for three quarters of the 2020/21 season now being published, United still have net profit overall, albeit with a negligible operating loss before other factors are taken into account, highlighting the club’s financial robustness and resilience.
Net debt amounts to £ 443.5 million, which is a small increase compared to the same period a year ago.
In his accompanying comments, Vice President Ed Woodward focused on United fans, which hardly seems a surprise given how the club has had to beg supporters for forgiveness after the European Super League scandal that shook football in April.
Ed Woodward still tries to curry favor with Man Utd fans after Super League scandal / Richard Heathcote / Getty Images
Woodward called the fans “the lifeblood of the game” and spoke optimistically of returning to Old Trafford in large numbers as soon as coronavirus restrictions are removed.
One of the biggest things United have been criticized for under the Glazer ownership model is ignoring fans, but Woodward stressed that the club is now working on “significant initiatives to strengthen engagement” with supporters.
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