Manchester United have cut their wage bill by £53m but are STILL reporting a loss despite record revenues of £650m

Manchester United announced a record turnover of £648.4m for last season, with the wage bill falling by £52.8m.

The Old Trafford club’s long-term debt remains at £538 million as the Glazer family decided not to withdraw a dividend from the club in the 2022/23 season.

The wage bill fell to £331.4m, according to the figures, largely because United did not take part in the Champions League last season.

Commercial revenue exceeded £300m for the first time, but despite the record revenue the club still posted a loss of £42.1m for 2022–23.

In Erik ten Hag’s first season as manager, United returned to the Champions League with third place in the Premier League and ended a six-year trophy drought by winning the Carabao Cup.

Manchester United announced record revenues for the 2022/23 season, but the club’s debt remained unchanged at £538 million

The Glazer family have not withdrawn any dividends from United and debts remain at £538m

Andre Onana’s penalty against Copenhagen kept United’s Champions League hopes alive

United announced record sales and attendance figures in their latest reports, as well as a £900m Adidas kit deal until 2035.

However, there was no update on the future of the club’s ownership – or the usual conference call with investors – as Sir Jim Ratcliffe awaits a decision on whether his £1.4bn purchase of 25 per cent of the club has been accepted by the Glazers.

United expects its revenue to rise to £680m next year after returning to the lucrative Champions League. Their highest-ever earnings were £627 million for the 2018-19 campaign.

With a 1-0 win over Copenhagen on Tuesday evening, Erik Ten Hag’s team kept their hopes of exiting the Champions League group alive.

Andre Onana saved a crucial late penalty to secure victory after Harry Maguire’s goal.

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