Premier League will suffer economic fallout for years to come, warns Manchester United

Owing to  coronavirus pandemic, Premier League will suffer ecomic fallout in “ years to come”, with clubs facing a broadcast bill of at least £ 20 million even if season is over, warned Manchester United. club has faced a sharp increase in its debt in third-quarter results that were published recently.

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'Usual business more'

Underlining  severity of financial crisis, executive vice-chairman Ed Woodward statement said, "Our third-quarter results published today reflect a partial impact that pandemic has had on club, while greater impact will be in current quarter and likely beyond. re are still profound challenges ahead, and for football as a whole, and it is safe to say it will t be ‘business as usual’ for some time."

"With that in mind, we remain firmly optimistic about long-term prospects for club and for our exciting, young team once we have worked our way through what is undoubtedly one of most extraordinary and testing periods in 142-year history of Manchester United. This club is built on resilience in face of adversity and those qualities are being proven once again w,“ he added.

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Manchester United PLC on Thursday reported a fiscal third-quarter loss of $29.2 million, after reporting a profit in same period a year earlier.  club said it had faced a loss of 18 cents per share. Losses, adjusted for n-recurring costs were 6 cents per share. soccer club posted revenue of $157.9 million in period.

Elaborating on financial results, club's chief financial officer Cliff Baty said, "We have estimated broadcast revenue reduction to be around £20 million for a full season of 38 games. At third quarter, we have provided for a £15m reduction to our broadcasting revenues to reflect this impact for 29 games played to date.”

During a fans' forum in April, Woodward cautioned fans and said that re will be reduced spending in transfer market due to impact of coronavirus. "body should be under any illusions about scale of challenge facing everyone in football and it may t be ‘business as usual’ for any clubs, including ourselves, in transfer market this summer. As ever, our priority is success of team, but we need visibility of impact across whole industry, including timings of transfer window, and wider financial picture, before we can talk about a return to rmality,” Woodward had said at time. 

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last match of Premier League took place on March 10 and around 10 matches of season are still remaining. Liverpool leads  championship with a lead of 25 points. United are fifth in Premier League with nine games remaining.

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