Manchester United is borrowing 70 million euros from banks due to the Coronavirus and the financial crisis.
Manchester United announced that it had borrowed an estimated 70 million euros in the last period in order to confront the repercussions of the Corona virus.
This came according to what the club said in its report for the last quarter of the fiscal year, which covers the period between December 31 and March 4.
The report estimated the club’s losses during that period at about 116 million euros due to the conditions imposed by the Corona virus on the Red Devils.
The € 70m loan came from a € 230m credit limit allowed for Manchester United since the start of the Corona pandemic.
“This crisis happens once in a century, and it has shown how resilient and valuable our club is,” said Ed Woodward, Manchester United’s executive vice president.
On the return of the fans, he added: “We are seeing some encouraging examples all over the world, but we have to help with social distancing at the same time.”
It is worth noting that the club confirmed in the same statement that the club’s revenues increased from the previous quarter, due to the high value of broadcasting revenues.