The financial crisis at Manchester United has deepened after the latest figures were released.
The club now has over £1billion in total debt, including £731m in direct debt.
More than £300m is also owed in transfer fees, while revenue has taken a hit.
Failure to qualify for the Champions League has slashed broadcasting income.
United responded by increasing ticket prices to £66 per Premier League match.
The Manchester United Supporters’ Trust (MUST) have hit out at the decision.
MUST slam decision making process in recent statement
They argue fans “should not pay the price” for years of boardroom failures.
MUST described United’s financial results as exposing “the scale of mismanagement.”
They pointed to a pre-tax loss of £38m in just three months.
£14.5m was spent on Erik ten Hag’s new contract and sacking months later.
£18.8m in debt interest payments has been made over the last six months.
This has pushed total interest costs past £1bn since the Glazers’ takeover.
MUST also highlighted that without INEOS’ £80m cash injection, United would have just £15m left.
£210m has been drawn from the club’s Revolving Credit Facility to stay afloat.
Despite this, the club has still pushed ahead with raising ticket prices.
MUST blasted this decision, calling it “futile and counterproductive.”
“The recent £66 ticket change raises less than £2m,” they stated.
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“This makes only a trivial difference while hugely harming fan sentiment.”
They warned that raising prices will worsen the mood at Old Trafford.
That negativity will then “inevitably feed through to even worse team performances.”
The supporters’ group called for prices to be frozen to “allow everyone to get behind Manchester United.”
They insist the club must focus on fixing deeper financial and sporting problems.
A letter was sent to Sir Jim Ratcliffe last month urging him to rethink the rise.
MUST called it the “worst possible time” for changes as the club struggles.
Despite protests, Ratcliffe has not backed down on the decision so far.
United’s debt crisis is worsening, and fans continue to fight for change.
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