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Manchester United take financial hit during coronavirus crisis

Manchester United's executive vice chairman Ed Woodward admits they've felt a financial pinch dur...



Manchester United take financi...
Soccer

Manchester United take financial hit during coronavirus crisis

Manchester United's executive vice chairman Ed Woodward admits they've felt a financial pinch during football's shutdown during the pandemic. 

The Red Devils have reported losses of £3.3million between January 1st and March 31st of this year, largely due to a 51.7% drop in television revenue.

It's seen their debts spiral by over 40% to £429.1million and the club admit they're likely to have to pay a rebate of between 15 and 20 million pounds to Sky Sports and BT Sport at the end of the campaign.

The reported drop in money from their current TV deals this year is ""primarily due to an estimated £15m Premier League rebate due to broadcasters, following delay and broadcast schedule changes to the 2019/20 football season, non-participation in the UEFA Champions League, and the impact of playing two fewer Premier League away games," they explained.

Ed Woodward says they're now having to adjust their expected revenues of £580million in the second-half of 2020 but he's confident the Old Trafford club are ready to bounce back when games resume.

"Our focus remains on the health and well-being of our colleagues, fans and partners around the world and we are extremely proud of how those connected to the club have responded during this crisis," the United executive vice-chairman said of the figures.

"Since the start of the pandemic, Manchester United and our Foundation have provided assistance to hospitals, charities and schools in our communities, as well as support for frontline workers and vulnerable fans.

"These actions reflect our core values as a club and the resilience through adversity that we have demonstrated many times throughout our long history and will do so again to weather these current challenges.

"In that spirit, we look forward to the team safely returning to the pitch and building on the exciting momentum that Ole and the players had previously achieved, while taking all necessary steps to protect public health.

"Our thoughts remain with all those affected during this unprecedented time."

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