Manchester United have today given the financial announcement for the 2021/22 season.
The club announced a net loss of £115.5m for the 2021/22 season even though revenues rose by 18% to £583m.
The club's net debt also went up, from £419.5m in 2021 to £514.9m this year, which is an increase of more than 22%.
Chief financial officer Cliff Baty was quoted as saying: "Our financial results for the fiscal year 2022 reflects a recovery from the pandemic, a full return of fans and new commercial partnerships offset by increased investment in the playing squad,"
"Our results have been adversely affected by the absence of a summer tour in July 2021, material exceptional and increased utility costs, and the impact of the weakening of sterling on our non-cash finance costs."
As a result of the signings last summer (Cristiano Ronaldo, Jadon Sancho and Raphael Varane) wages leapt by 19.1%, a rise of £61.6m to £384.2m which is the highest in Premier League history, surpassing the previous mark set by Manchester City (£355m).
Compensation to former managers Ole Gunnar Solskjaer and Ralf Rangnick, other coaches and staff also cost the club £24.7m
Following the announcement of this financial report, the Manchester United Supporters Trust (MUST) launched a daunting attack on the Glazers and accused them of rewarding failure at Old Trafford after they shared a £33.6m dividend which was paid out despite the club announcing a loss of £115.5m.
MUST statement reads: "Today's financial results from United cover a period when the club failed on the pitch, finishing sixth in the Premier League with our worst points tally in decades,"
"Despite that, the results confirm that the owners were the only ones in the Premier League to pay themselves a dividend last year.
"There is nothing wrong in principle with companies paying dividends to owners but there should be no rewards for failure and that is what we see here.
"At a football club we believe dividends should only be paid when there is both financial success and success on the field.
"Via the Fans Advisory Board and the Fans Forum, MUST representatives will now be calling for an urgent review of the club dividend policy to ensure that the rewards for failure we see revealed today are not repeated.
"Overall, this set of results reinforces our view that the club is in dire need of new capital investment and the proposed stadium redevelopment must be funded through new issuance of shares to bring new funds into the club and not via more debt which would place a further drain on club finances."
In other news, Manchester United's Director of football John Murtough say Ten Hag has brought unity to the squad.
The football director was one of several club leaders who reflected on the ups and downs of the past year as part of the club’s annual report to investors, covering the period from June 2021 to June 2022.
Murtough said the recruitment of Ten Hag from Ajax was the most important development of the 2021/22 season. “After a thorough search and due diligence process, it was clear to us that Erik was the strongest candidate, based on his outstanding coaching record, his commitment to the proactive, attacking football we want to play, and the vision and ambition he showed for the role.
“There is still a long way to go, but we have already seen, during his first four months in charge, an increased unity, focus and drive that bodes well for the future.”