Manchester United has seen their debt soar by 42 per cent to almost £430m in the first quarter of the year as the Old Trafford club begins to feel the first effects of the Covid-19 crisis.
According to The DailyMail, the Old Trafford club will revise predicted revenues of between £560million and £580m for this year because of the financial impact of the pandemic.
Their latest financial figures, covering the first three months of 2020, begin to show the effects of the coronavirus pandemic.
The club’s debt has risen £127.4m to £429.1m over the last year.
United’s revenue has dropped 19 per cent year-on-year to £123.7million, though their presence in the Europa League rather than the Champions League helps to explain this.
Assessing the first impacts of coronavirus on the club’s finances, the report says that as of March 31 the club had £90.3m of cash balances together with access to an additional £150m under a credit facility.
This would provide ‘financial flexibility to support the club through the disruption caused by Covid-19.’
Executive vice-chairman Ed Woodward said: ‘’Our focus remains on the health and well-being of our colleagues, fans and partners around the world and we are extremely proud of how those connected to the club have responded during this crisis.
‘’We look forward to the team safely returning to the pitch and building on the exciting momentum that Ole and the players had previously achieved, ‘while taking all necessary steps to protect public health.’’