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Sport Man Utd borrow £60m to help deal with impact of coronavirus pandemic

13:08  05 march  2021
13:08  05 march  2021 Source:   dailymail.co.uk

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a stadium full of people: MailOnline logo © Provided by Daily Mail MailOnline logo

Manchester United have taken another financial measure in light of the coronavirus pandemic by borrowing £60million.

The news was confirmed on Thursday as the Red Devils announced their second quarter results between December 31 and March 4.

Last year United took out a £200m rolling credit facility as a safety precaution against a significant drop in revenue while the world continue to adjust with Covid-19 and its limitations.

a stadium full of people with Old Trafford in the background: Manchester United have borrowed £60million due to the impact of the coronavirus pandemic © Provided by Daily Mail Manchester United have borrowed £60million due to the impact of the coronavirus pandemic a football player on a field: Like every club, United have been impacted without the lack of fans among Covid's limitations © Provided by Daily Mail Like every club, United have been impacted without the lack of fans among Covid's limitations

And it is estimated that they have lost over £100m in income as a direct impact of coronavirus.

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On Thursday, the club revealed that their matchday income had fallen 94.2 per cent from £55.2m to £3.2m over the corresponding six months in 2019.

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.

The club's net debt has risen by 16.4 per cent to £455.5m too.

United's revenue was down 7.2 per cent year-on-year to £281.8m with profit dropping by 6.9 per cent to £33.8m.

A return to the Champions League, albeit only for the group stage, saw broadcasting revenue up to £156.3m, an increase of 60.1 per cent.

Commercial revenue was down 19.1 per cent to £122.3m.

United's penultimate match of the season, at home to Fulham on May 15, could host fans and executive vice-chairman Ed Woodward is excited about the return of supporters to Old Trafford.

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'In the near-term, our focus remains on preparing for the return of fans to Old Trafford,' he said.

'We are seeing some positive examples around the world of live events with reduced capacity crowds delivered safely with social distancing.

'The successful rapid rollout of vaccines and falling rate of infections in the UK makes us optimistic about the Government's roadmap out of the lockdown, including plans for the gradual reopening of sports stadia to spectators beginning this spring.

'Initially this will be with limits on capacity, but we are hopeful of crowds ramping back up to full capacity next season.'

Dave Woodward standing in front of a crowd of people: Executive vice-chairman Ed Woodward is excited about the return of fans to Old Trafford © Provided by Daily Mail Executive vice-chairman Ed Woodward is excited about the return of fans to Old Trafford Read more

We could not lose Fletcher! – Solskjaer delighted by Man Utd appointments .
Manchester United have announced two new roles to support Ole Gunnar Solskjaer, who has expressed support for the moves.United installed former player Darren Fletcher as technical director and promoted John Murtough to the new role of football director in an announcement on Wednesday.

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