Pandemic inflicts deeper off-pitch losses on Manchester United, Juventus

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Pandemic inflicts deeper off-pitch losses on Manchester United, Juventus

Manchester United and Juventus, two fop-flight football clubs in England and Italy respectively, had been met with steep financial losses over fiscal 2021, as the pandemic outbreak had forced major European soccer leagues to arrange matches without fans last year, the soccer giants had said in separate statements later this week.

Aside from that, although, a number of heavy-weight summer signings in Manchester United could compound the fiscal narratives further, Manchester United Vice Chair, Ed Woodward had expressed a sheer confidence over the British soccer club’s ability to recoup losses incurred during a pandemic-rampaged fiscal 2020-21, as Old Trafford began to host full-capacity crowds for the first time in a year and a half.

However, Juventus, the Turin-based Italian top-tier football club was quoted saying in a statement that the Italian soccer mogul would likely to end up fiscal 2021-2022 with hefty fiscal fatalities as well adding there would be a ‘significant loss.

Meanwhile, citing the soccer world had been met with sweeping losses last year, Manchester United’s Woodward said in a conference call with the analysts, “While we are confident in our relative strength, it remains clear that football as a whole faces major financial challenges caused by years of material inflation in wages and transfer fees, exacerbated by the impact of the pandemic”.

However, Manchester United’s annual wages had raised 20 per cent this year following several heavy-weight signings including former Juventus forward Cristiano Ronaldo, the five-times Ballon d’Or winner soccer legend, ex-Real Madrid defender Rafael Varane alongside a 21-year old winger Jordan Sancho.

Manchester United & Juventus face off hefty losses

According to Manchester United annual earnings’ report released later this week, the European football heavyweight, owned by an ultra-wealthy Glazer family based in the United States, had faced off a net loss of £92.2 million during fiscal 2021 that ended on June 30, well above a loss of £23.2 million incurred a year earlier.

Besides, Juventus had witnessed its annual losses rising over 100 per cent to a record €209.9 million compared to the same time a year earlier.