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Manchester United's finances have been hit even harder than expected by the coronavirus pandemic.
United's revenues have taken a £71million hit on top of what the club expected, according to their year-ending financial figures, released today.
Before the pandemic, United had estimated their revenue to be between £560m to £580m, down on the previous year's record £627.1m.
But the figure ended up being £509m, down £118m in total, almost double what the club had anticipated.
With matches played behind closed doors since the resumption of football, United's matchday revenue for the year was £89.8million, a decrease of £21m over the prior year.
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Commercial revenue for the year was £279million, an increase of £3.9million, or 1.4%, over the prior year.
United's retail revenue was £96.3million, a decrease of £5.8m on the prior year, due to the closure of the Old Trafford Megastore from March to June.
Broadcasting revenue for the year was £140.2m, a decrease of £101m, due to United not being involved in the Champions League, plus the impact of 10 home and away matches from last season being played at the start of the new financial year.
United extended their shirt sponsorship deal with Chevrolet by six months, to December 2021, to address the financial impact of the Covid-19 pandemic.
The net debt increased by £271m from £204m last year.
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Ed Woodward, Executive Vice Chairman, said: “Our focus remains on protecting the health of our colleagues, fans and community while adapting to the significant economic ramifications of the pandemic.
“Within that context, our top priority is to get fans back into the stadium safely and as soon as possible.
“We are also committed to playing a constructive role in helping the wider football pyramid through this period of adversity, while exploring options for making the English game stronger and more sustainable in the long-term.
“This requires strategic vision and leadership from all stakeholders, and we look forward to helping drive forward that process in a timely manner.
“On the pitch, we have strengthened the team over the summer and we remain committed to our objective of winning trophies, playing entertaining, attacking football with a blend of Academy graduates and high-quality recruits, while carefully managing our resources to protect the long-term resilience of the Club.”
The latest results cover the 2019/20 financial year from July 1 2019 to June 30 2020 and the fourth quarter of that year April 1 to June 30.
Due to Covid-19, only one Premier League home match, two away matches and an FA Cup quarter-final were played during the fiscal fourth quarter, all of them behind closed doors.