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Manchester United announce £115.5m loss for 2021/22 season

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Manchester United announce £115.5m loss for 2021/22 season

Manchester United announce £115.5m loss for 2021/22 season

Manchester United on Thursday announced a net loss of £115.5 million ($130.4 million, 132.2 million euros) for the 2021/22 season even though revenues rose to £583 million as coronavirus restrictions eased.

The financial year to June 30, 2022, also brought a 22 per cent rise in debt and a 19 per cent increase in wages.

The 20-time English champions’ net debt increased from £419.5 million in 2021 to £514.9 million.

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Manchester United attributed the rise in debt mainly to the fall of the pound which increased the value of US dollar borrowings.

Among other large items were dividends of £33.6 million to shareholders and the £24.7 million compensation package for former manager Ole Gunnar Solskjaer, sacked in November 2021.

The biggest contributor to Manchester United’s spiralling costs was the increase in wages to £384.2 million.

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The return of Cristiano Ronaldo to Old Trafford, allied to summer signings of Raphael Varane and Jadon Sancho had Manchester United fans dreaming of a Premier League title challenge a year ago.

Instead, they finished sixth, with their lowest points total of the Premier League era.

The failure to qualify for the Champions League will hit Manchester United’s finances for this season.

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The club still heavily backed new manager Erik ten Hag in the summer, spending over £200 million on Antony, Casemiro, Lisandro Martinez and Tyrell Malacia.

“Our club’s core mission is to win football matches and entertain our fans,” said Manchester United CEO 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.”

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After a disastrous start to Ten Hag’s reign with defeats to Brighton and Brentford, Manchester United have won their last four Premier League games to climb to fifth in the table, six points behind early season leaders Arsenal but with a game in hand.

Manchester United announce £115.5m loss for 2021/22 season
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Tinubu arrives Katsina to receive Buhari’s body for burial

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President Bola Tinubu, on Tuesday arrived in Katsina to receive the remains of the former President Muhammadu Buhari, who passed away in London on Sunday at the age of 82.

The News Agency of Nigeria (NAN) recalls that Vice-President Kashim Shettima departed London in the early hours of Tuesday with the remains of Buhari back to Nigeria.
On arrival at the Umaru Musa Yar’adua Airport Katsina, Tinubu was received by Gov. Dikko Radda,  former Vice-President Yemi Osinbajo, governors, Chairman of Dangote Group, Alhaji Aliko Dangote, Deputy Senate President, Jibrin Barau, and Speaker of the House of Representatives,  Tajudeen Abbas.
Others are Ministers, former governors, former and serving Senators, Alhaji Dahiru Managl,  former Minister of Information and Culture, Lai Mohammed, members of the All Progressives Congress (APC) National Working Committee (NEC), amongst others.
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“He Never Turned His Back on the Needy” — Tributes Pour In Ahead of Buhari’s Burial

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Just hours before the burial of former President Muhammadu Buhari, heartfelt tributes have continued to pour in from beneficiaries of his many charitable deeds, with many describing him as a man who never turned his back on the needy.

Speaking to the News Agency of Nigeria (NAN) on Tuesday, Aminu Daura, a respected community elder, recalled how Buhari consistently provided foodstuffs during Ramadan for families, friends, widows, and orphans in his hometown.

“He never made noise about it, but many homes had food on their tables during fasting period because of him,” Daura said.

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Abdullahi Sani, a physically-challenged man who received a tricycle from the Buhari Foundation in 2021, was overcome with emotion while speaking to NAN.

“I can move around and feed my family today because of Baba Buhari. I pray to Allah to reward him for giving hope to people like me,” he said, in tears.

Hajiya Fatima Yahaya, another resident, remembered Buhari’s acts of kindness during festive seasons.

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“Even after he left office, his aides ensured that the usual support still reached us every year. He always remember his people,” she said, referring to his distribution of Sallah rams and food items to indigent families during Eid celebrations.

Other residents of Daura also shared memories of how the late former president quietly paid school fees and medical bills for struggling families, actions rarely publicized.

“Some of us benefited from his silent interventions. He was a true father and a great figure in the society,” said Ali Saidu.

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On Monday night, Imams across various mosques in Daura held special Qur’anic recitations, praying for the forgiveness of Buhari’s sins and his eternal peace.

The Chief Imam of Daura Central Mosque, Sheikh Musa Kofar Barau, described Buhari as a humble leader whose legacy of service and compassion would remain alive in the hearts of the people.

Buhari is scheduled to be buried later on Tuesday in his hometown of Daura, Katsina State, in line with Islamic rites. The community is bracing to welcome thousands of mourners from across Nigeria and beyond.

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King Mohammed VI Mourns Buhari, Praises Legacy of Nigeria’s Former Leader

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His Majesty King Mohammed VI of Morocco has extended heartfelt condolences to President Bola Tinubu, the family of the late former President Muhammadu Buhari, and the entire Nigerian people following Buhari’s death.

In a message of sympathy, the Moroccan monarch described the passing of the former Nigerian leader as a “sad occurrence,” expressing deep sorrow over the loss.

King Mohammed VI hailed Buhari as “an illustrious leader who worked untiringly to serve his country’s best interests and lead his people toward further progress and prosperity.”

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He added: “Our thoughts and prayers are with you and the bereaved. I share your grief and want you to know how much I appreciated the working sessions I had with the deceased.”

Reflecting on their bilateral engagements, the king noted that his collaboration with Buhari led to the launch of promising development projects, “ushering a new era grounded in friendship and close cooperation between our two sister nations.”

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