Man United finances: Record revenues but another big loss as club counts cost of Amorim firing

MANCHESTER, England (AP) — Manchester United made a loss of around $60 million despite record revenues in a season where the club paid nearly $10 million to fire another coach.

In its financial figures released Wednesday, United reported it earned $900 million in the fiscal year ending June 30 — slightly up from record sums the previous year — despite not playing in the Champions League.

The club’s revenue guidance for next year is up to $1 billion because the 20-time English champions are back playing in Europe’s top competition after a third-place finish in the Premier League. United began its Champions League campaign with a 4-0 win over Sabah from Azerbaijan, amid a poor start to the Premier League featuring just one win in five games.

Contributing to the losses were the costs associated with the departure of former coach Ruben Amorim, who was fired in January, and his staff.

It could have been more.

In February, United said in a financial filing that the cost of firing Amorim could reach more than $21 million but he has since taken a coaching job at AC Milan, saving United from paying more compensation.

United’s wage bill was about $400 million, down 3.6% on the previous year. The club attributed the drop to changes in the men’s first-team squad and cuts at the club over the last two years.

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