Covid-19 Costs Man Utd £28m So Far
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 Thursday.
Chief Financial Officer, Cliff Baty, said they are set to hand back £20million in TV revenue to broadcasters even if the Premier League season is completed.
United lost an additional £8million 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.
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.