Red Devils announce major losses

08 October 2010 11:54
Manchester United have recorded an £83.6million loss despite posting operating profits in excess of £100million for the last financial year. The latest financial figures have revealed that United are the first club to have broken through the £100million operating profit ceiling. However, the hefty losses for the year ending June 30 will again bring the subject of the Glazer family's controversial ownership to the fore. Last year United's debt was listed at £716.5million and the annual interest payments of £40million will lead to further criticism from disgruntled supporters. Media and commercial revenues both grew during the last financial year, but supporters will point to a lack of transfer investment as further reason for disquiet. Sir Alex Ferguson spent less than £20million on three new players - Chris Smalling, Javier Hernandez and Bebe - which accounts for around half of the sum which left the Old Trafford coffers to service the club's debts. United, commonly regarded as the richest club in the world, were debt free before the Glazer family took over in 2005.

Source: ESA