(Sharecast News) - Manchester United has suffered a £71m hit from the Covid-19 pandemic, it revealed on Wednesday, as the football club reported its finances for the year.
The club, which is partially floated on the New York Stock Exchange, said revenue for the 2020 financial year came in at £509m, down £118m year-on-year.
It had expected revenue to come in around £560m to £580m, down from the record £627.1m reported for the 2019 financial year.
Manchester United said its match day revenue slid £21m to £89.8m, as games continued to be played to empty stadiums amid the coronavirus crisis.
Commercial revenue, however, was ahead 1.4% at £279m, while its net debt widened to £271m from £204m.
"Our focus remains on protecting the health of our colleagues, fans and community while adapting to the significant economic ramifications of the pandemic," said Manchester United's executive vice-chairman Ed Woodward.
"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."
(Sharecast News) - Wall Street stocks closed weaker on Tuesday, even after some solid earnings from big-box retailers including Walmart, Home Depot and Macy's.