Manchester United has announced that its net debts have increased by just over 42% in its third quarter results.
United’s debts have now risen to £429.1 million from £301.7 million in the three months up to 31 March.
Coronavirus to Cost United Millions
The proceeds from broadcasting rights fell by just under £28 million.
As matches have been cancelled since 13 March, due to the coronavirus pandemic.
Revenue from television contracts reached £26 million. or a decrease of 51.7%.
The reduction is mainly due to an expected £15 million rebate to broadcasting companies.
Sky TV, BT Sport and Amazon Prime are all contracted to show Premier League games in the UK.
Income from television rights was also down, as United did not qualify for this season’s Champions League.
United’s Improved Form
Ole Gunnar Solksjaer’s men have an improved chance of appearing in next season’s Champions League due to improved recent form.
United are currently in fifth position, just three points away from Chelsea in Champions League qualifying fourth.
Since the disastrous 2-0 home defeat against Burnley in January, United have gone unbeaten in five Premier League matches.
Including a 2-0 victory over neighbours Manchester City.
The signing of Bruno Fernandes has added a much needed creative spark that has boosted United’s form.
Commercial Rises Slightly
United saw only a slender rise in commercial revenue of £2 million.
Profits from sponsorship deals also rose modestly, with an increase of £3.1 million to £44.7 million.
Due to closure of the club’s Megastore on matchday, retail revenue fell by 4.4% or £1.1 million.
Unsurprisingly matchday revenue dropped by 8.2% to £29.1 million.
The postponement of the Europa League last 16 match against LASK contributed to the decrease.