Manchester United executive vice chairman Ed Woodward announced the quarterly financial position of Manchester United. He declared that the projected revenue for the year is 560M-580M, which is significantly lesser than the 627 million which the club announced in it’s annual statement. He also announced that United’s net debt raised.
The reduced figure is due to the club not playing in the Champions League. Manchester United stand to lose a whopping 67 Million from Champions League revenues. The wage bill has been reduced by 8.8% as missing out on CL also affects the players’ wages.
Woodward announced that Manchester United net debt raised by 137.4 Million GBP and the cash balance at the club remains at 107.8 Million GBP after the club spent on three players. The net debt now stands at a whopping 384.2 Million.
Ed Woodward announced that the dividends will be paid in January on the basis of 9 pence per share. This confirms that all the 6 people involved in decision making from the Glazer family will earn approximately 70 Million GBP between them.
Woodward took pride in the Manchester United academy and pleaded the fans and investors for some patience. He also said, ‘Fast and fluid’ football will take some time and the club will back Ole Gunnar Solskjaer with world class signings that compliment the incredible talent coming from the academy.
In the question and answer session, Only one question was asked and that was about the Manchester United app.