Manchester United reported an annual revenue of £648.4 million ($783.5 million) for the past financial year – a record for a Premier League club. The club’s overall revenue increased by 11% from last year, however, Man United still suffered a loss of £42.1 million ($50.9 million).
United was able to limit their expenses, with the team’s wage bill decreasing by £52.8 million to £331.4 million. The club explained that this was due to “squad turnover”, with Cristiano Ronaldo being among the most highly-paid players who left the club during the course of the season.
This report comes as British billionaire Sir Jim Ratcliffe closes in on a deal to secure a 25% stake in Man United. It is believed that the INEOS chemical company CEO will pay between £1.3 billion and £1.5 billion for the investment despite the club’s current market value of around £2.6 billion.
