Coronavirus pandemic has cost Manchester United £28m so far
Premier League side Manchester United have felt the financial effects of the coronavirus crisis. Executive vice-chairman Ed Woodward has vowed navigate them through "one of the most extraordinary and testing periods" in the club's history. United said the COVID-19 pandemic has cost them an initial £28m. They expect the final figure to be far higher. Here's more on the same.
United to hand back £20m in TV revenue to broadcasters
United revealed their third-quarter results to March 31 and according to Sky Sports, the club recorded an overall loss of £3.3m between January 1 to March 31. This was primarily down to the 51.7% decrease in broadcast revenue. Chief financial officer Cliff Baty told BBC Sport, they are set to hand back £20m in TV revenue to broadcasters even if the season is completed.
Why United are set to return £20m to broadcasters?
Baty spoke in a conference call after the latest financial results were released. He explained that EPL television broadcasters would get £20m back because of changes in dates and kick-off times resulting from the pandemic. With games called off - including matches in the Europa League and FA Cup - Baty said that sponsorship revenues had contracted, and that retail sales had been impacted.
Postponement of matches force United to suffer losses
United lost an additional £8m over the final three weeks of March, when they had three games postponed. A total of 11 Man United matches have been postponed because of the pandemic. Meanwhile, Baty also said the postponement of the Premier League trip to Tottenham on March 15 cost United a staggering sum of £4m alone.
We're well-positioned to navigate this global crisis: Woodward
"Manchester United is a resilient club and a resilient company," Woodward said. "We're well-positioned, both operationally and financially, to navigate this global crisis and we very much look forward to returning to play and building upon the strong on-pitch momentum we experienced up to mid-March when we stopped." Woodward also said the board remain firmly optimistic about the long-term prospects.
Premier League is eyeing a return next month
Premier League is eyeing a return next month behind closed doors if the situation is safe enough to do so. Earlier this week, players returned to non-contact team training. "Our men's first-team has begun a phased return to training this week, with rigorous medical protocols in place to manage risks," said Woodward.
United will hope to end season on a high
United, who are fifth in the Premier League standings, will be vying for a Champions League berth. The side is also alive in the Europa League and FA Cup. Manager Ole Gunnar Solskjaer will be hoping to end the season on a high note.
