The pandemic continues to ravage football clubs across the world. Even the biggest clubs in the world are not spared by financial losses during the pandemic. Manchester United continues to lose revenue as the latest quarterly results show the impact of no fans in the stadium.
The quarterly statement from Man United was accidentally released on November 12, as it was initially planned to release on November 13. The overall revenue for the quarter has dropped to £109 million, a 19.5% drop compared to last year. There was an increase in broadcast revenue as the 2019/20 campaign was completed in June and July. United still managed to collect £1.7 million through membership sales and rent from properties surrounding Old Trafford.
Man Utd Chief Executive Officer Ed Woodward insisted that the robust sponsorship and commercial system at the club have helped in having some sort of financial security during the pandemic. Considering the United Kingdom will be under lockdown during November, fans are unlikely to return to Old Trafford anytime soon. The club will continue to have no matchday revenue until the UK government gives the green light to allow fans in the stadium.
The Red Devils will benefit from playing in the Champions League this season. The broadcast revenue is likely to get better as the season progresses since Man United is playing in the most elite competition in Europe. Last year the broadcast revenue had dipped after the club dropped in Europa League.
Along with the financial losses off the pitch, Man United is also struggling on the pitch. After seven matchdays in the Premier League, United is sitting in 14th position. Woodward assured that the club is firmly behind the under-fire Ole Gunnar Solskjaer in the statement released along with quarterly results. The Red Devils need to qualify for the Champions League next season to have better broadcast revenue and offset the lack of matchday revenue.