Manchester United executive vice chairman Ed Woodward said the club are having to adapt to “significant economic ramifications” of the coronavirus pandemic after they announced a severe hit to their revenue with net debt rising by 133 per cent.
The club released their quarter four financial results on Wednesday which highlighted the full impact the pandemic has had.
The report showed a revenue drop of 19% to £509 million ($664m) and a loss of £23m ($30m) compared to a £19m ($25m) profit made last year.
Editors' Picks
United estimate that Covid-19 has cost them £70m ($91m) in revenue, with the lack of Old Trafford matchdays and the closure of the club shop contributing a large chunk of that sum.