Manchester United have announced a net loss of £115.5m for the 2021-22 season, even as revenue rose 18% to £583m.
Released figures incorporating the last quarter of their financial year, which ended in June, showed losses increased by £23m from the previous 12 months.
The club’s net debt has also increased from £419.5m in 2021 to £514.9m this year, an increase of more than 22%.
United put that £95.4m increase mainly to £64.6m of unrealized foreign exchange losses on the retranslation of US dollar borrowings.
Revenue rose by £89.1m, while United paid out £33.6m in dividends to shareholders.
“Our fiscal 2022 financial results reflect a recovery from the pandemic, a full fan return and new business partnerships offset by increased investment in the gaming team,” said Chief Financial Officer Cliff Baty.
“Our results were impacted by the absence of a summer tour in July 2021, significant one-off and increased utility costs, and the impact of the weaker pound sterling on our non-cash finance costs.”
Following the signings last summer of Cristiano Ronaldo, Jadon Sancho and Raphael Varane, wages jumped 19.1 per cent, an increase from £61.6m to £384.2m.
The figure is the highest in Premier League history, surpassing the previous mark set by Manchester City (£355m).
“The main mission of our club is to win football matches and entertain our fans,” said general manager Richard Arnold.
“Since our last results report, we have strengthened our men’s first team, completed a successful summer tour and built a foundation from the early stages of the 2022-23 season under new manager Erik ten Hag.
“We have also continued to develop our women’s team with the aim of strengthening our position among the flagship clubs of the Women’s Super League.
“While there is still a lot of work to do, everyone at the club is aligned on a clear strategy to ensure sustainable success on the pitch and a sustainable business model off it, to the mutual benefit of fans, shareholders and other stakeholders.”