Manchester United Reports £80m Loss

Manchester United Football Club (MUFC) has reported a pre-tax loss of nearly £80m for the year ending 30 June, despite 'record' revenues for the period. Despite operating profits topping more than £100m for the period, the Premier League club paid out £40m in interest payments of £40m, as well as nearly £67m in one-off finance charges.

MUFC chief executive David Gill said: "These results show record turnover, record operating profits and exceptional growth in our commercial activities. We will continue to concentrate on generating the resources to invest in the team and the club to keep us at the top of world football."

However, Manchester United Supporters Trust said that the increase in revenues and operating profit had been "leached out" by the club's current owners, the Glazer family.

A trust spokesperson said: "The financial results today continue to demonstrate the tremendous revenue generated by Manchester United - directly or indirectly through the unparalleled loyal support the club receives.

"Sadly those supporters are let down by owners who continue to extract millions from our club. Imagine how successful [the club] could be without the millstone that is the Glazers' ownership."

Elsewhere, Sheffield Wednesday Football Club (SWFC) has revealed that an unnamed third party investor has advanced £2m of a planned investment to help the club meet its immediate obligations. SWFC chair Howard Wilkinson said: "Such a step reassures us with regard to the intentions of the investor, while we have also been impressed by the way they have steadfastly remained committed to the investment process."

In Scotland, Dundee Football Club has announced that it has asked Bryan Jackson of accountancy firm PKF to consider being named as administrator of the Scottish League Division One club. A club spokesperson said: "The directors have taken this decision with considerable regret, but they believe they have no other choice in the current circumstances."

Source: sportsmanagement.co.uk