Following the disruption caused by the Coronavirus pandemic, Manchester United revealed a £23m loss.
For the year ending 30 June, the football team reported a 20% fall in revenue after most games were cancelled during the fourth quarter.
Loss of ticket sales and deferred sponsor payments also caused Manchester United’s debt to more than double to £474m.
Broadcasting revenue fell almost 42% down to £140.2m. Matchday revenue fell 19% to £89.8m.
“Our focus remains on protecting the health of our colleagues, fans and community while adapting to the significant economic ramifications of the pandemic,” said executive vice-chairman, Ed Woodward.
“Within that context, our top priority is to get fans back into the stadium safely and as soon as possible.”
“We are also committed to playing a constructive role in helping the wider football pyramid through this period of adversity, while exploring options for making the English game stronger and more sustainable in the long-term,” he added.
“This requires strategic vision and leadership from all stakeholders, and we look forward to helping drive forward that process in a timely manner.”
Due to the continued uncertainty around social restriction measures, Manchester United have said they will not be issuing revenue guidance for the 2020-21 financial year.