Now Man Utd forced to take Brexit hit
Published 18/11/2016 | 02:30
The Brexit vote has hit Manchester United. The club's debt pile has jumped 18pc to almost £338m which, according to financial results lodged with the New York Stock Exchange, is due in part to the strengthening dollar over the past year.
The exchange rate has been affected primarily by the June referendum, the aftermath of which has seen the value of sterling slump.
"Net debt as of September 30, 2016 was £337.7m (€394.5m), an increase of £51.5m (€60.1m) over the year primarily due to the impact of foreign exchange rate movements on our US dollar denominated debt," the accounts state.
The club also posted a 25pc fall in quarterly core earnings as its absence from the lucrative Champions League competition and fewer home games at the start of the season hit its matchday revenue.
The team, whose stars include Paul Pogba, failed to reach the Champions League for the current 2016-17 season after finishing only fifth in the Premier League in the last campaign.