Manchester United reveal cost of Ole Gunnar Solskjaer and Ralf Rangnick payouts in latest financial results

·1-min read
 (AFP via Getty Images)
(AFP via Getty Images)

Manchester United have revealed the significant costs associated with dispensing of the services of previous managers Ole Gunnar Solskjaer and Ralf Rangnick.

The latest financial results from Old Trafford were released on Thursday, showing a net loss of £115.5million despite revenues rising 18 per cent to £583m.

United’s net debt increased 22.7 per cent to £514.9m for the final quarter of the financial year that ended in June, while their wage bill soared to a Premier League record £384.2m.

The club also spent considerably - £24.7m - to compensate Erik ten Hag’s managerial predecessors Solskjaer and Rangnick, plus their respective coaching staffs.

Red Devils legend Solskjaer was finally sacked last November after a disastrous run of five defeats in seven matches, with Rangnick subsequently enticed from his position as manager of sports and development at Lokomotiv Moscow to assume the reins on an interim basis until the end of the season.

The German was supposed to move upstairs at the end of the campaign to perform a consultancy role, but ended up departing after United’s worst season in Premier League history after signing a two-year contract to become the new head coach of the Austrian national team in April.