Man Utd takes extra £50m credit as revenue falls 20%

New York-listed Manchester United Plc said its revenue fell 20% to £109 million in its 2021 fiscal first quarter ended September 30, 2020, and it made of loss of £30.3 million.

Net debt as of September 30 was £440.6 million, an increase of £56.1 million over the year.

“As of 30 September 2020, the company had £58.9 million of cash balances together with access to an additional £150.0 million available under the company’s revolving credit facilities,” said the company.

“Subsequent to the end of the quarter, the company arranged an additional £50.0 million in revolving credit taking total accessible liquidity to £200.0 million.

“This provides financial flexibility to support the club through the disruption caused by COVID-19.”

Manchester United Plc executive vice chairman Ed Woodward said: “While the COVID-19 pandemic continues to cause significant disruption, we are optimistic that the recovery and normalisation phase is gradually coming into view.

“The club’s resilience and our strong commercial business continue to provide a solid foundation and gives us confidence in our long-term outlook beyond the pandemic, both on and off the pitch.”

“We recognise that not all football clubs are in as robust of a financial position and that the Premier League has a responsibility to support the wider English football pyramid.

“We will continue to push for this support, both through emergency assistance during the pandemic, and through longer-term reforms to ensure that the success of the Premier League is reinforced for the benefit of the national game as a whole.

“On the pitch, while there is still hard work ahead to achieve greater consistency, we remain absolutely committed to the positive path we are on under Ole as the team continues to develop.

“We miss playing in front of our fans and we are working hard together with our governing bodies and relevant authorities to ensure that fans can safely return as soon as possible.”

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