Manchester United left red-faced as latest financial results are released a day EARLY in error as US company hired by Premier League side published figures during a test run
- Manchester United were forced to act as financial figures were released early
- Toppan Merrill, who handles the figures in the US, accidentally published them
- Sportsmail understands the American company had a test run but it went awry
Manchester United‘s financial results were released a day early on Thursday night, thanks to an error by a US-based company the club uses.
Details for the first quarter were meant to be published to the New York Stock Exchange at noon on Friday.
However, sources say that Toppan Merrill, who United task with publishing regulatory filings in the US, made an error with what was meant to be a test run and accidentally put the financials into the public domain.
Their mistake caused a headache at Old Trafford, with the club forced into action.
Manchester United were left embarrassed as financial results were released into the public domain a day early following an administrative error by the American company handling them
United’s executive vice-chairman Ed Woodward has seen revenues devastated in the quarter
The figures show the devastation caused by the Covid pandemic with commercial, matchday and total revenues hit.
United, who posted an operating loss of £27.1m, have however, been encouraged by the renewal of three sponsorship deals and record e-commerce sales.
United’s net debt, a legacy of the Glazer family’s heavily-leveraged takeover, was up to £440.6m, however the gross principal debt remains unchanged.
Co-chairman Avram Glazer (left) and Joel Glazer (right) have seen net debt rise to £440.6m
Matchday revenue took the biggest hit, with a 92.3 per cent fall year on year, with matches being played behind closed doors.
Given the size of Old Trafford and United’s vast corporate hospitality provision, they will suffer more than most Premier League clubs on this front until supporters can return.
The club have endured an inconsistent start to the season under Ole Gunnar Solskjaer, although Saturday’s 3-1 win at Everton did provide some relief.
‘On the pitch, while there is still hard work ahead to achieve greater consistency, we remain absolutely committed to the positive path we are on under Ole as the team continues to develop,’ executive vice chairman Ed Woodward said.
United’s wage bill was up £1.7m thanks to Champions League bonuses.
Woodward backed manager Ole Gunnar Solskjaer and said the side are on a ‘positive path’