Manchester United on Thursday announced that it has lost around £23 million in revenue as the coronavirus crisis brought the Premier League and European football competitions to a halt.
The club’s executive chairman Ed Woodward said that the club was facing uncertainty brought upon by “one of the most extraordinary testing periods in the 142-year history of Manchester United.” He, however, was optimistic about the future amid hopes the Premier League could resume next month.
Broadcasting revenue more than halved in the third quarter ended March 31, causing total revenue to slide 19% to £123.7 million.
United expect to have to sacrifice around £20 million in broadcast revenues over the full season, its slice of a rebate the Premier League will have to offer for delays to staging matches caused by the crisis.
Premier League clubs on Monday voted to resume training as they hope that the Government will give the green light for the league to resume in June.
Woodward said that the there’s a push to have football return to stadiums and on television citing last weekend’s Bundesliga viewership numbers.
United were chasing a return to the lucrative UEFA Champions League and they were in the fifth position by the time the league was suspended due to the coronavirus pandemic.