Manchester United made a net loss of £115.5 million ($175m) in the 2021-22 season despite the revenues rising by 18 per cent to £583m ($660m).

United’s overall revenue rose following the return of fans to stadiums and the club’s commercial resilience emerging from the Covid-19 pandemic.

The Manchester outfit’s net debt went up by 22%, from £419.5m ($472.5m) in 2021 to £514.9m ($580m) this year.

The EPL side’s Chief Executive Richard Arnold said: “Our club’s core mission is to win football matches and entertain our fans.

“Since our last earnings report, we have strengthened our men’s first team squad, completed a successful summer tour, and established a foundation to build from in the early stages of the 2022/23 season under our new manager Erik ten Hag.”

United signed the likes of Cristiano Ronaldo, Jadon Sancho and Raphael Varane which saw the wages leaping by 19.1 per cent, a rise of £61.6m ($69.4m) to £384.2m ($432.6m).

That figure is the highest in EPL history, surpassing the previous mark set by Manchester City (£355m/$400m).

Manchester United’s Chief Financial Officer Cliff Baty added: “Our financial results for fiscal 2022 reflect a recovery from the pandemic, a full return of fans and new commercial partnerships offset by increased investment in the playing squad.

“Our results have been adversely affected by the absence of a summer tour in July 2021, material exceptional and increased utility costs, and the impact of the weakening of sterling on our non-cash finance costs.”