Manchester United's Net Debt Rose to £391.3M in Latest Financial Results

Manchester United have announced their net debt has risen to £391.3 million, an increase of £73.6 million over the last year, following the release of their second-quarter reports this season. 

The Red Devils advanced to the UEFA Champions League quarter-finals last season but failed to qualify for the current campaign after they finished sixth in the Premier League.

United released their financial reports for the second quarter of 2019-20 on Tuesday, which showed total revenues had dropped by 19.3 percent to £168.4 million.

The Guardian's Jamie Jackson wrote that the club "view the figure as manageable and that the gross debt remains the same."

Mike Keegan of the Daily Mail highlighted a decline in almost every area of the club's finances based on these latest figures:

Executive vice-chairman Ed Woodward said the club remains committed to "our footballing vision" with manager Ole Gunnar Solskjaer despite the enduring difficult patches during his time at the helm.

Woodward published a statement prior to a conference call with the club's investors on Tuesday:

"I want to provide an overview of progress towards our No. 1 priority—winning trophies with a team playing entertaining, attacking football. Since our last call in November, we have progressed to the knockout stages of the Europa League; we are through to the fifth round in the FA Cup, and we remain in the mix to qualify for the Champions League.

"This season is one of rebuild, with many changes to the squad—in terms of players who have left or gone out on loan; new players who we have brought into the club; and academy graduates that we have brought through to the first team. This process will continue as we implement our plan and our footballing vision under Ole and his coaching staff."

He also picked out the January signing of Bruno Fernandes from Sporting CP as "an important step" in this season's rebuild despite being "linked in the media to 111 players" during the winter transfer window. United paid an initial €55 million (£46.5 million) for the Portugal international, though that figure could rise by another €25 million (£20.9 million) in add-ons, per Jackson.

Football finance expert Kieran Maguire broke United's latest figures into finer detail, unsurprisingly noting their lack of UEFA Champions League football as a main contributor to the drop in revenue:

Maguire also tweeted the club's cash balance of £101 million in December 2019 was the lowest it had been since March 2015, though the sharp fall was also partly due to the timing of the reports:

United are unbeaten in six matches across all competitions under Solskjaer, having moved up to fifth in the Premier League following back-to-back wins over Chelsea and Watford.

The Norwegian tactician—famous for his decisive 93rd-minute winner in United's 2-1 win over Bayern Munich in the 1999 Champions League final—has faced scrutiny from some sections of the United support. 

His side drew 1-1 at Club Brugge in the opening leg of their UEFA Europa League last-32 clash, with Solskjaer hoping to see United finish the job at Old Trafford on Thursday and reach the round of 16.