Man United posted accounts for the 2021-22 season, announcing significant losses and an increase in debt.
The club’s football director John Murtough says the club is “ahead of schedule” in their recruitment plans in light of their significant losses in 2021-22.
Man United lost £115.8m last season despite raking £583m in revenue.
A 22 percent increase in the club’s debt has raised it from £419.5m to £514.9m, with wages rising by 19.1 percent to £384.2m due to transfer activity.
Cristiano Ronaldo, Raphael Varane, and Jadon Sancho were among United’s recruits last year, as the team spent heavily after appointing Erik ten Hag.
Despite United missing out on Champions League play last season due to a sixth-place finish in the Premier League, Murtaugh believes such an investment was necessary. As a result of these actions, future spending will be reduced.
He told on thursday, “During the summer, we made a significant investment in the first team squad with the permanent addition of five regular starters, including a balance of experienced international players and younger, emerging talent,”
Added, “We also saw a higher-than-usual number of departures, and this was an equally important part of refreshing the squad after the disappointing 2021-22 season.
“We will continue to support Erik in ensuring he has players with the right quality and characters to achieve success while ensuring that investment remains consistent with our commitment to financial sustainability.” He continues.
“Overall, we are ahead of schedule in our recruitment plans as envisaged at the start of the summer, and we do not anticipate the same level of activity in future windows. However, as always, our planning focuses on the summer window.”
Club signed Lisandro Martinez, Anthony, Casemiro, Christian Eriksen, Tyrell Malacia, and Martin Dubravka following Ten Hag’s appointment.
As a result of terminating the contracts of former boss Ole Gunnar Solskjaer, interim manager Ralf Rangnick, and their coaching staff at the end of last season, the club’s losses amounted to £24.7m.