Manchester United are set to see a downfall this year with the revenue expected to be between 560 million and 580 million pounds.
Old Trafford stadium. (Photo: Getty images)
After a continued on-field debacle in this season so far, the problems for Manchester United seems to be nowhere close for an end.
Now the club’s bid to strengthen the underperforming squad has suffered a major blow with their debt rising more than 55% in a year to 384.5 million pounds ($498 million).
The club had reported a record revenue last season of 627.1 million pounds, but the Old Trafford club are set to see a downfall this year with the revenue expected to be between 560 million and 580 million pounds.
The hefty amount of around 140 million pounds spent on the signings of Harry Maguire, Aaron Wan-Bisaka and Daniel James, ahead of the ongoing season, has hit the New York Stock Exchange-listed business heavily.
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However, the United executive vice-chairman Ed Woodward said that there have been investments in other domains of the club as well like in the academy for the betterment of their graduates.
“Our ultimate aim is to win trophies, play fast, fluid, attacking football, with a team that uses graduates from our academy along with world-class acquisitions,” Ed Woodward was quoted as saying by Associated Press.
“We know this will not be achieved overnight, however, we have made investments across the club that we believe will set us on the right path. We know our academy is a strong competitive advantage and an area we will continue to invest in as it is at the heart of the club,” he added.
Another reason for the economic downfall could be due to United missing out on Champions League television and prize money as a result of their sixth-place finish in the 2018-19 season of Premier League.
The Red Devils could suffer a similar kind of fate if they continue to underperform as they have in the ongoing season so far. They are placed seventh with 16 points, nine behind fourth-placed Manchester City, and could end up missing Champions League in the next season as well.
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