Manchester United have set a new Premier League record wage bill following financial results posted in regards to last season.
United’s annual bill soared to £384.2m with the eye-watering figures related to the huge pay packet towards starman Cristiano Ronaldo following his return to the club a year ago.
Ronaldo earns an incredible £480,000-a-week which at the time of his return made him the best paid Premier League player by nearly £100,000.
The surge in wages takes them past local rivals Manchester City who previously paid out £354.6m in figures from last year.
United’s summer business saw them sign Ronaldo for around £13.5m from Juventus, and it came following high profile moves for fellow stars including Jadon Sancho and Raphael Varane.
Their moves from Borussia Dortmund and Real Madrid respectively cost £77m and £36m – and both are thought to be earning an estimated £350,000 per week – with only Ronaldo and goalkeeper David de Gea earning more.
However the news comes following news posted losses of more than £2million-per-week last season, even though matchday income would have increased following the return of supporters to stadium post Covid.
The Old Trafford club reported a net loss of £115.5m for the season and posted an operating loss of £87.4m for the year to June 30. Most of these losses come from the spiralling wages paid out.
Fans will also be left fuming to learn net debt has increased once more to over £514.9million (up by £95.4m), doing little to ease the growing resentment towards the club’s American owners, the Glazer family.
United put that rise of £95.4 million primarily down to £64.6m of unrealised foreign exchange losses on the retranslation of borrowings in United States dollars.
Revenue rose by £89.1m or 18 per cent to £583m.
The latest United financial figures showed a large 19.1 per cent increase in wages of £61.6m to £384.2m.
‘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.’