Reports have emerged of how Premier League giants Manchester United have set a new record for wage spending with £384.2m to smash rivals City’s previous £354.6m top spending in the EPL.
United’s surge in wages has seen them eclipse their local rivals City who previously paid out £354.6m in figures from last year.
Meanwhile, National Daily can confirm that the development at Old Trafford is not unconnected with the Red Devils’ recent financial activities in the summer that saw the sensational return of Cristiano Ronaldo for around £13.5m from Juventus which was only preceded by some of United’s high profile transfers that included fellow stars Jadon Sancho and Raphael Varane from Borussia Dortmund and Real Madrid respectively.
It is understood that United’s transfers for Sancho and Varane cost the Old Trafford club as much as £77m and £36m respectively and even as both stars are thought to be astronomically earning an estimated £350,000 per week which are only less than the wages of Portugal captain Ronaldo who is believed to be earning as much as an incredible £480,000-a-week which at the time of his return made him the best paid Premier League player by nearly £100,000-per-week and goalkeeper David de Gea.
National Daily however understands that United’s soaring wage bill comes after they reported losses of more than £2million-per-week last season, despite the increase in matchday income following the return of supporters to the stadium after Covid.
The Old Trafford club reported a net loss of £115.5m for the season and posted an operating loss of £87.4m for the year to June 30 and most of these losses come from the spiraling wages paid out.
There is no doubt that United fans must have been left fuming to learn net debt has increased once more to over £514.9million (up by £95.4m), doing little to ease the growing resentment towards the club’s American owners, the Glazer family.
The Red Devils put that rise of £95.4 million primarily down to £64.6m of unrealised foreign exchange losses on the retranslation of borrowings in United States dollars.
Revenue rose by £89.1m or 18 percent to £583m.
The latest United financial figures showed a large 19.1 percent increase in wages of £61.6m to £384.2m.
‘Our financial results for fiscal 2022 reflect a recovery from the pandemic, a full return of fans and new commercial partnerships offset by increased investment in the playing squad,’ said chief financial officer Cliff Baty.
‘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.’