Proving there is ample reward for abject failure, the Glazers pocketed record dividends despite Manchester United losing over £2million a week.
Here are the five headline points from the Red Devils’ latest financial report, covering a miserable last year…
1) United made a loss of over £2million a week
The Red Devils announced a net loss of £115.5million for the 2021-22 season. That is despite revenues rising by 18 per cent to £583million.
Even with fans allowed back into stadiums and Old Trafford being full for most of last season, losses rose by £23million on the previous year.
That means United lost around £2.2million per week over the course of 2021/22. Coincidently around the same amount Cristiano Ronaldo might trouser by moving to Saudi Arabia.
2) Their wage bill is the highest in the Premier League
United paid their bloated, under-performing squad a total of £384.2million last year. Although some clubs are yet to announce their figures, that means the Red Devils have the highest wage bill in the league.
It shows a 19.1 per cent rise on the previous year, up by £61.6m, surpassing the previous £355million high set by Manchester City. Who are getting a sh*te-sight more for their money.
Had they been any good, the wage bill would have been even higher since many United players are on heavily-incentivised contracts.
3) United paid almost £25million to sack managers
Pay-offs to manager Ole Gunnar Solskjaer, sacked in November, and Ralf Rangnick, who did not take up a two-year consultancy role at the end of the season having initially assumed interim charge, and their associated coaching staff amounted to £24.7million.
That total is higher than the £19.6million paid for Jose Mourinho and his staff to f*** off at the end of 2018.
Since Sir Alex Ferguson’s retirement, United have paid a total of £57.9million to managers to sling their hook. David Moyes and his men pocketed £5.2million, while Louis van Gaal’s crew received £8.4million.
A reminder: United gave Solskjaer a new three-year contract four months before they got rid.
4) The club’s net debt rose by £94.5million
United’s net debt went up, from £419.5million in 2021 to £514.9million this year, an increase of more than 22 per cent.
The club put that rise primarily down to £64.6million of unrealised foreign exchange losses on the retranslation of borrowings in US dollars.
“Our financial results for fiscal 2022 reflect a recovery from the pandemic, a full return of fans and new commercial partnerships offset by increased investment in the playing squad,” said chief financial officer Cliff Baty.
“Our results have been adversely affected by the absence of a summer tour in July 2021, material exceptional and increased utility costs, and the impact of the weakening of sterling on our non-cash finance costs.”
Being sh*te didn’t help either.
Since the club was bought in 2005, Manchester United has made an overall pre-tax loss of £320 million but paid out dividends to shareholders of £132 million. #MUFC #Glazernomics pic.twitter.com/WEaCLOVVlL
— Kieran Maguire (@KieranMaguire) September 22, 2022
5) The Glazers trousered record dividends payments
United recorded a net loss and and the club’s debt rose by almost a quarter, but, proving there can be reward for abject failure, the Glazers still pocketed huge dividends of £33.6million.
Gary Neville was fuming when the Glazers paid themselves £11million back in June. They might point to the fact that this amount includes some deferred from during Covid.
Or they’ll keep schtum because they give not a shiny sh*te what Neville or anyone else says about their stewardship of the club.