Manchester United announce increase in debt amid takeover process
Manchester United’s debut has increased, according to the club’s latest financial results, amid a number of takeover offers for the club.
Qatari banker Sheikh Jassim and INEOS founder Sir Jim Ratcliffe and considered the frontrunners, with second-round bids last week submitted reportedly worth around £5billion.
There was no mention of the ongoing process in the press release, while comments from chief executive Richard Arnold were also absent and there was a scheduled conference call - a traditional in recent previous years.
United's revenue was down 9.8 per cent year on year to £163.3m for the three months ending December 31 due to the impact of the winter World Cup and participation in the Europa League.
Employee costs decreased £20.4m to £77.3m due to their absence from the Champions League and what the club termed as "squad turnover".
The results also showed United's debt is up to £535.7m from £477.1m the previous year due to the strength of the pound against the dollar on the underlying US debt of 650m US dollars.
Additional reporting by Press Association.