Manchester United have confirmed that the club’s net debt has rose to £429.1million during the first three months of 2020. The club’s latest financial accounts showed an increase of £127.4million over the prior year quarter.
It has been largely put down to an overall decrease in cash and cash equivalents and adverse movements in the GBP:USD exchange rate.
United executive vice-chairman Ed Woodward also disclosed that the club is withdrawing its previous revenue predictions for the year - £560-£580m - due to the ongoing coronavirus pandemic.
Woodward has admitted that United are feeling the financial pinch amid Covid-19, but vowed to "weather these challenges" as a return to action edges closer.