25 C
Accra
Sunday, September 27, 2020
No menu items!

Coronavirus: Man Utd say pandemic has cost them £28m so far

Must Read

President Akufo-Addo cuts sod for €15 million solid waste treatment facility at Sefwi Wiawso

The President of the Republic, Nana Addo Dankwa Akufo-Addo, on Saturday, 26th September 2020, cut the sod for the...

NDP’s Nana Konadu Agyemang Rawlings outdoors her running mate

Presidential candidate of the NDP, Nana Konadu Agyemang Rawlings says the Party has the key to improving Ghana’s economy...

Voters Exhibition Exercise ends

The Voters Exhibition Exercise which started on 18th of this month ended today with low turnout across centers.  A...

Manchester United say the coronavirus pandemic has cost them an initial £28m – and expect the final figure to be far higher.

United revealed their third-quarter results to 31 March on Thursday.

Chief financial officer Cliff Baty said they are set to hand back £20m in TV revenue to broadcasters even if the Premier League season is completed.

United lost an additional £8m over the final three weeks of March, when they had three matches postponed.

A total of 11 United matches have been postponed because of the pandemic.

Speaking in a conference call after the latest financial results were released, Baty explained that Premier League television broadcasters would get £20m back from the club because of changes in dates and kick-off times resulting from the pandemic.

With games called off – including matches in the Europa League and FA Cup – Baty said that sponsorship revenues had “contracted”, and that retail sales had been “impacted” with the club store at Old Trafford still closed.

He added that matchday revenues were “significantly impacted”, with an acceptance games will be played behind closed doors for the foreseeable future.

Postponement of Tottenham game ‘cost £4m’

United have refused to put a figure on what the anticipated overall financial cost of the pandemic will be ultimately – but executive vice-chairman Ed Woodward said the major burden would fall in the current quarter, which runs to 30 June.

“Our third-quarter results reflect a partial impact that the pandemic has had on the club but the greater impact will be in the current quarter and likely beyond,” said Woodward.

Revenues for the quarter fell by 18.7% to £123.7m. The club’s debt rose by £124.4m to £429.1m.

Baty said the postponement of the Premier League trip to Tottenham on 15 March cost United £4m alone.

“These are unprecedented times and we must recognise that this crisis will not disappear overnight,” said Woodward.

“However, our club is built on a solid foundation. We remain firmly optimistic about the long-term prospects for the club once we have worked our way through what is undoubtedly one of the most extraordinary and testing periods in the 142-year history of Manchester United.”

SourceBBC sport

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

President Akufo-Addo cuts sod for €15 million solid waste treatment facility at Sefwi Wiawso

The President of the Republic, Nana Addo Dankwa Akufo-Addo, on Saturday, 26th September 2020, cut the sod for the...

NDP’s Nana Konadu Agyemang Rawlings outdoors her running mate

Presidential candidate of the NDP, Nana Konadu Agyemang Rawlings says the Party has the key to improving Ghana’s economy and transforming the lives of...

Voters Exhibition Exercise ends

The Voters Exhibition Exercise which started on 18th of this month ended today with low turnout across centers.  A visit to some selected Exhibition...

VEEP Bawumia cuts sod for 10-kilometre Berekum town roads

Vice President, Dr. Mahamudu Bawumia has cut the sod for the construction of a 10-kilometer Berekum town roads. The roads are part of several roads...

Papa Owusu-Ankomah successfully strengthens Ghana’s ties with UK, Ireland

Ghana’s High Commissioner to the UK, Papa Owusu Ankomah, with concurrent accreditation to the Republic of Ireland, Papa Owusu Ankomah, has ended his tour...

More Articles Like This