Football club Manchester United reported an increase in annual loss after coronavirus lockdowns and empty stadiums led to a drop in ticket sales and various products on match days, as well as against the background of a decrease in commercial revenue, writes investing.com.
The club’s net loss for the fiscal year ended June 30 was £ 92.2 million ($ 127.2 million), up from a £ 23.2 million loss in the prior year, an increase of 297.4%.
Revenue from the sale of tickets for games, food and drinks at the stadium, as well as various paraphernalia during matches fell to 7.1 million pounds from 89.8 million pounds a year earlier. Sales revenue fell 16.8% to £ 232.2 million.
At the same time, revenues from the sale of TV rights jumped in the past fiscal year by 81.7% to 254.8 million pounds.
As a result, the club’s total revenue for the year fell by just 2.9% to £ 494.1 million.
The Red Devils finished second in the English Premier League last season and reached the final in the Europa League, losing to Spanish Villarreal in the title match.
Manchester United shares traded in New York by 21:51 NST on Friday rose 1.1%.