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London - Manchester United reported a net loss of £83.6m ($132m) last season despite record revenues, with the club's debt burden providing further fuel for fans protesting against the American owners.
The Premier League giant's record losses for the year ending June 30 are a big swing from the £25.5m profit from the previous financial year, which came after the sale of Cristiano Ronaldo to Real Madrid for a world record £80m.
There has been no similar big-name signing to replace the Portugal winger, despite cash reserves of £163.8m reported in the latest financial figures released Friday.
The 18-time English champions spent only around £25m on new players in the most recent offseason, while neighbor Manchester City lavished more than £120m of its wealthy Abu Dhabi owner's funds on strengthening the squad.
After seven matches of the season, United is already third in the standings - five points adrift of Chelsea and a point behind City.
The latest financial results will provide more ammunition for the protest movement that fans launched in January in a bid to force out the Glazer family.
Similarly intense protests at Liverpool, also coupled with crippling debts, have forced American co-owners Tom Hicks and George Gillett Jr. to put the club up for the sale. They are now trying to block a £300m bid by the owners of the Boston Red Sox, saying the offer undervalues the club.
United had no debts before Tampa Bay Buccaneers owner Malcolm Glazer took control in 2005.
But the new figures show interest payments chewed up £40.2m pounds as the club had debts of £521.7m - a figure that does not include £225m of loans, which carry an interest rate of 16.25%.
These are the first annual results since £504m was raised through a seven-year bond issue to replace long-term financing and reduce debts to hedge funds.
Forbes magazine recently estimated that United is worth $1.8bn -making it the most valuable football team in its rankings for the sixth straight year.
And in the latest accounts, the Glazer family flagged up the strength of its global commercial operations, which delivered a record revenue of £286.4m.
Operating profit exceeded £100m for the first time - a figure that doesn't include depreciation and amortization.
The Premier League giant's record losses for the year ending June 30 are a big swing from the £25.5m profit from the previous financial year, which came after the sale of Cristiano Ronaldo to Real Madrid for a world record £80m.
There has been no similar big-name signing to replace the Portugal winger, despite cash reserves of £163.8m reported in the latest financial figures released Friday.
The 18-time English champions spent only around £25m on new players in the most recent offseason, while neighbor Manchester City lavished more than £120m of its wealthy Abu Dhabi owner's funds on strengthening the squad.
After seven matches of the season, United is already third in the standings - five points adrift of Chelsea and a point behind City.
The latest financial results will provide more ammunition for the protest movement that fans launched in January in a bid to force out the Glazer family.
Similarly intense protests at Liverpool, also coupled with crippling debts, have forced American co-owners Tom Hicks and George Gillett Jr. to put the club up for the sale. They are now trying to block a £300m bid by the owners of the Boston Red Sox, saying the offer undervalues the club.
United had no debts before Tampa Bay Buccaneers owner Malcolm Glazer took control in 2005.
But the new figures show interest payments chewed up £40.2m pounds as the club had debts of £521.7m - a figure that does not include £225m of loans, which carry an interest rate of 16.25%.
These are the first annual results since £504m was raised through a seven-year bond issue to replace long-term financing and reduce debts to hedge funds.
Forbes magazine recently estimated that United is worth $1.8bn -making it the most valuable football team in its rankings for the sixth straight year.
And in the latest accounts, the Glazer family flagged up the strength of its global commercial operations, which delivered a record revenue of £286.4m.
Operating profit exceeded £100m for the first time - a figure that doesn't include depreciation and amortization.
