Manchester United have borrowed £60m to help the club’s dire financial setback brought by the COVID-19 pandemic.
The Red Devils have confirmed that matchday income had fallen by 94.2% to £3.2m over the six months in 2019 and lost over £100m in income over the past 12 months.
An overall revenue reduction of £22m was limited only because the club played in the group stage of the more lucrative Champions League this season compared to the Europa League.
However, the club’s net debt has risen 16.4% to £455.5m.
The club’s hierarchy succumbed to a decision to take a portion of the £200m rolling credit facility they arranged last year to prevent cash reserves from dropping.
“The strong vaccine deployment in the UK and the easing of lockdown restrictions is no doubt a light at the end of the tunnel,” said Ed Woodward, pictured below, who is the club’s executive vice-chairman.
Woodward went on to state that his pleased with United’s on-pitch progress despite recent poor form.
Ole Gunnar Solskjær’s side are currently second in the Premier League with 51 points after 27 games.
The team accept there are “near-term challenges” that need to be met as matches will continue to be played behind closed doors until the final week of the Premier League season.
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By FARPost Reporter