Manchester United’s debt has increased 18 per cent since Brexit following the Pound’s collapse against the dollar
MANCHESTER UNITED’S total debt has grown 18 per cent because Britain voted to leave the European Union.
The fall in the value of the pound following June’s Brexit vote has hit home hard at Old Trafford, where the club’s debt has increased to £338million.
Manchester United have seen the value of their debt increase because of BrexitGetty Images
Much of United’s deficit is held in dollars, and with the British pound plummeting in value, it means the total the Premier League giants owe has gone up £51.5m as a result.
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The news was revealed as United announced their accounts for the first quarter of their trading year, up until the end of September.
Britain’s decision to vote in favour of Brexit caused the value of the pound to fallPA:Press AssociationManchester United vice-chairman Ed Woodward insists the club are still on course for record revenuesPA:Press Association
They reveal operating profits over the three months were down 35 per cent to £6.2m with turnover also down three per cent to £13.2m – although that can be put down to the lack of games over the close season.
Even so, United vice-chairman Ed Woodward believes that despite the lack of Champions League football this season, the club is still on target to bring in record revenues of up to £540m this year.
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Woodward said: "We added a number of top quality players to our squad, which once again demonstrates our determination for trophies."
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