Fri. Dec 4th, 2020

Man Utd

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Man United confirm dividend payments to Glazer family despite spiralling debt

2 min read

Manchester United paid a further £11.9million in dividends to shareholders in the three months from April 1 to June 30, taking the total for this financial year to just over £23million.

The majority of those dividends have been paid to the six Glazer family members who hold shares and it comes despite United revealing the COVID-19 pandemic has cost them £70million in lost revenues so far.

The payment of dividends comes as many companies suspend such outgoings as a result of the pandemic, with a report in August suggesting 445 UK firms had cancelled, cut or suspended dividend payments since the crisis began.

The financial results also showed a rise in net debt as a result of the decline in cash due to the pandemic and spending on new players, although the principal level of actual debt has remained unchanged.

As well as announcing the results for the previous three months United also revealed their financial outcomes for the year from July 1, 2019 to June 30, 2020 today, with revenues falling by £118.1million.

That loss in an 18% downturn in 12 months, with a 38% shrink in revenues during the final quarter.

Speaking to investors after announcing the financial results, executive vice-chairman Ed Woodward said: ” We are looking back today on what has been one of the most extraordinary and challenging seasons in recent history; and I am proud of the way the club continues to respond.

“There are still big challenges and uncertainties ahead as the coronavirus pandemic continues to disrupt our way of life across the globe. This disruption is clear to see in the financial results that we are announcing today and we expect the impact to remain visible for quite some time to come.”

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