Manchester United lose £80 million.

by The Rumor Monger
(Cyberspace)

Manchester United have become the first English club in history to make an annual operating profit exceeding £100million.

However, that figure is overshadowed by an overall loss of £83.64million, which will raise further questions about the Glazer's continued ownership of the club.

United's overall turnover grew to £286.41million, more than double the £125 million generated by neighbours Manchester City, but unlike City United are saddled with huge interest payments.

In the last financial year, interest payments alone were £40million, and there was also a hefty one-off cost on the £504 million bond issued earlier this year.

Unlike last season, when the world record sale of Cristiano Ronaldo offset United's losses, there were no major player sales, while wages rose to £131.7million, taking the club's overall debt to £521.7million.

The Glazer family have never given any indication of being overly concerned by these debt levels, but supporters opposed to their regime will point to the losses as proof of United being hamstrung in the transfer market.

However, both Sir Alex Ferguson and chief executive David Gill have consistently claimed that United's lack of transfer activity is due to the difficulty in finding value.