Manchester United announces record £115.5m net loss

Incorporating the final quarter of their financial year,

released their financial figures which show losses rose by £23m on the previous year.

Player wages have risen to £384.2m according to the

, which is the highest in

Premier League history

. The club's net debt rose from £419.5m in 2021 to £514.9m this year.

"Our financial results for fiscal 2022 reflect a recovery from the pandemic, a full return of fans and new commercial partnerships offset by increased investment in the playing squad,"

said chief financial officer

Cliff Baty

.

"Our results have been adversely affected by the absence of a summer tour in July 2021, material exceptional and increased utility costs, and the impact of the weakening of sterling on our non-cash finance costs."

On the club’s

wage structure

and its financial effects, Baty added:

"Our club's core mission is to win football matches and entertain our fans," said chief executive Richard Arnold.

"Since our last earnings report, we have strengthened our men's first-team squad, completed a successful summer tour, and established a foundation to build from in the early stages of the 2022/23 season under our new manager Erik ten Hag.

"We have also continued to develop our women's team with an aim of reinforcing our position among the leading clubs in the Women's Super League.

"While there is a lot more work to do, everyone at the club is aligned on a clear strategy to deliver sustained success on the pitch and a sustainable economic model off it, to the mutual benefit of fans, shareholders, and other stakeholders."

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