Manchester United reported a net loss of £115.5 million ($130.4 million, 132.2 million euros) for the 2021/22 season on Thursday, despite revenue increasing by 18 percent to £583 million.
Losses increased by £23 million in the final quarter of the 20-time English champions’ fiscal year, which ended in June, according to figures released in June.
The club’s net debt increased by more than 22%, from £419.5 million in 2021 to £514.9 million this year.
United attributed the increase primarily to unrealized foreign exchange losses on the retranslation of US dollar borrowings.
“Our fiscal 2022 financial results reflect a recovery from the pandemic, the full return of fans, and new commercial partnerships offset by increased investment in the playing squad,” said chief financial officer Cliff Baty.
“Our results have been harmed by the absence of a summer tour in July 2021, material exceptional and increased utility costs, and the impact of sterling weakness on our non-cash finance costs.”
United finished sixth in the 2021/22 Premier League season, with the fewest points since the Premier League replaced England’s First Division in 1992.
Failure to qualify for the Champions League will also have a negative impact on United’s future finances.
During new manager Erik ten Hag’s first season in charge, they are instead competing in the less lucrative Europa League.
United finished 13 points behind fourth-placed Liverpool and 35 points behind Premier League champions Manchester City, as their wait for their first major trophy since 2017 continued.
They are currently fifth, six points behind early season leaders Arsenal, but have played six games compared to seven for the Gunners.