Moving forward, Manchester United will continue to be at the forefront of shaping the way the soccer world, both domestically and in Europe, recovers from COVID-19 and how it can restructured. Manchester United released its unaudited financial statements for 2019/20 on Wednesday. This has been costed at about £40m. said Woodward. Analysis and opinion from our chief football writer. Even a financial juggernaut like Manchester United have been hit hard due to the COVID-19 pandemic as the Premier League giants reported a $91 million loss in the period to June 30, 2020. United's overall revenue was down 18.8% from £627.1m to £509m, but part of this was due to the club not qualifying for last season's Champions League. “Our focus remains on protecting the health of our colleagues, fans and community while adapting to the significant economic ramifications of the pandemic,” Wooodward said. Good morning, everyone, and welcome to Manchester United's Second Quarter 2020 Earnings Call. Firstly, why the managing director made a point of talking about United's work in developing a media strategy from China, where the Premier League has had to ditch its broadcast partner and, secondly, why Ed Woodward spoke about the 'Project Big Picture' talks the club have been involved in and outlined the need to "reinforce the huge success of the Premier League" at what he called "a critical juncture for the game". Manchester United are set to reveal a financial report on Friday, showcasing the full effects that COVID-19 have had on their numbers. The impact of COVID-19 will surely hit the next Manchester United financial report too, something their leaders have pointed to. Executive vice-chairman Ed Woodward stated that Man United have the biggest net spend on new players of any club in Europe over the last 18 months, and stated that their biggest target is for fans to return to stadiums as soon as possible. up 132.9 percent to $620 million but the club said that was due to a reduction in cash reserves and debt levels remain the same. “We have a clear strategy under Ole Gunnar. Achieving this will require strategic vision and leadership. Manchester United have released the financial report from the third quarter and some of the figures are damning, to say the least. Manchester United (NYSE: MANU; the “Company” and the “Group”) – one of the most popular and successful sports teams in the world - today announced financial results for the 2020 fiscal fourth quarter and twelve months ended 30 June 2020. Last week Premier League clubs rejected 'Project Big Picture' - a proposal to reduce the league from 20 to 18 clubs and scrap the EFL Cup and Community Shield. 25 Mar 2020 Continued payments to matchday staff announced. Since then Manchester United and Liverpool have also been named as two clubs in talks over entering a FIFA-backed tournament which would generate huge sums of revenue and would essentially replace the Champions League as 18 top teams across Europe would be invited to participate in the tournament. “While our commitment to investment remains, it must be balanced with recognition of the extraordinarily challenging environment facing us and all football clubs at this time… The bottom line is we are investing and will continue to invest to back the manager.”. A corresponding press release containing our financial … The club also confirmed net finance costs had increased by £3.5m to £26m. Neither of these subjects needed to be covered - the conference call they were discussed on was for investors, not media - and, in that, there were only two questions. The latest Manchester United financial report isn’t pleasant reading. It was also confirmed within the results United had paid out £23.23m in share dividends over the course of the year, although future payments are under review. “Greatness is more than a word, it’s a way of being, it’s about going further, doing more, respect, honour, never settling for the ordinary...” Sir Matt Busby This was anticipated though, given it is how the Glazer family have chosen to structure the club. 05/20/21 : Q3 2021 Earnings Release (Projected) 09/23/21 : FY 2021 Earnings Release (Projected) 11/18/21 : Q1 2022 Earnings Release (Projected) 02/10/22 Evidently, China is a growth market. United made a net £18.9m profit in 2018-19 and a net £23.2m loss in the most recent financial year. Manchester United are interested in signing Marcos Llorente this summer and would be willing to pay €80m. Broadcast revenue dropped by 41.9 percent, while debt was up 132.9 percent to $620 million but the club said that was due to a reduction in cash reserves and debt levels remain the same. Woodward said he had no idea where the latter story had emerged from and he was committed to talks with Uefa about the format of European football from 2024 onwards. We don't know how that will turn out just yet - but on the day when they confirmed the huge financial hit they have taken, United are making it clear they, along with other heavyweight clubs at home and abroad, are looking at ways to generate more revenue, not less. Manchester United make £3.3m financial loss in Third Quarter Fiscal 2020 Results "We're well-positioned, both operationally and financially, to navigate this global crisis," says Ed Woodward The coronavirus pandemic has … Manchester United PLC Reports Fourth Quarter and Full Year Fiscal 2019 Results; Provides Fiscal 2020 Outlook Record fiscal 2019 Revenues of £627.1 million, in line with annual guidance