Corovavirus has cost us at least £ 28 million
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Manchester United lost almost £ 28 million due to the coronavirus pandemic, with the final value much higher. The data are based on the results of the first quarter as of March 31.
Chief Financial Officer Cliff Baty said they were ready to pay the broadcaster £ 20 million in television revenue, even though the Premier League was over. In total, they lack to play 11 postponed matches.
United declined to state what the total expected financial cost of the pandemic would ultimately be. However, Executive Vice President Ed Woodward said the main burden would fall in the current quarter, which runs until June 30.
"Our quarterly results reflect the partial impact that the pandemic has had on the club, but we will have a greater impact in the current quarter and probably after. These are unprecedented times, and we must realize that this crisis will not go away overnight. Our club is built on solid foundations. We are still firmly optimistic about the long-term prospects of the club. "Undoubtedly, we are in one of the most unusual periods in the 142-year history of Manchester City," said Woodward.
Revenues for the quarter decreased by 18.7% to 123.7 mil. pounds. The club's debt increased by 124.4 mil. pounds to 429.1 mil. pounds.