Kieran Maguire: Man United ‘haemorrhaging money’ amid ‘£855m’ reveal
Man United are “haemorrhaging money” and have paid out “£855million” in interest on loans since the start of the Glazers’ reign.
So says finance guru Kieran Maguire, speaking exclusively to Football Insider about the Red Devils’ latest quarterly report.
The figures, which were released on Wednesday (25 May), show that revenue for the fourth quarter of 2021-22 is up 29 per cent on the same period last year.
But that is largely due to the return of fans to stadiums after the worst of the pandemic.
The club made an operating loss of £21.8m for the quarter, and CEO Richard Arnold lamented a “disappointing season” on the pitch in his introduction to the report.
Net debt has increased 11.8 per cent to £495.7m in the last 12 months.
Maguire revealed the extent of the losses in his analysis of the accounts.
“They are a club that is losing a lot of money,” he told Football Insider’s Adam Williams.
“It’s more than £1m per week. There appear to have been problems in terms of cost control. Wages for the first three quarters of 2022 exceed wages for the whole of 2020, for example.
“There are causes for concern. There are significant amounts being paid out in interest and net debt is up again.
“The Glazers took over United in 2005. At the end of the first year of their ownership, United owed banks £604m.
“They have only got that down to £596m in 17 years, and they have paid £855m in interest. Money is haemorrhaging from the club.
“There are many non-footballing beneficiaries in terms of the banks and shareholders.”
United finished 6th in the Premier League in 2021-22.
Their points total of 58 is their lowest in over three decades.
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