Manchester United have set a new record for the highest wage bill in Premier League history at £384.2million following the transfers of Cristiano Ronaldo, Jadon Sancho and Raphael Varane, as the club’s net debt also increases

Cristiano Ronaldo’s return to Manchester United last summer saw the club set a new record for the highest wage bill in Premier League history.

The Red Devils have published their latest financial results, which also show that the club’s net debt has also increased.

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Rivals Man City previously had the highest annual salaries in the English top flight at £355million, but Manchester United have now soared well above them as their wage bill has soared to £384.2million sterling.

It’s a 19.1% increase on their previous figures, with the increase being the result of several big-money signings, including Ronaldo, Jadon Sancho and Raphael Varane.

United’s salary could rise further under new manager Erik Tag Hag, who signed five new players this summer, including £85.5m winger Antony, £70m midfielder Casimiro and £56.7million centre-back Lisandro Martinez. left Old Trafford around the same time.

United also announced a net loss of £115.5m for the 2021/22 season, even though revenue rose 18% to £583m.

Released figures incorporating the last quarter of their financial year, which ended in June, showed losses were up by £23million on the previous year.

The club’s net debt has also increased, from £419.5m in 2021 to £514.9m this year, an increase of more than 22%.

United put that £95.4m increase mainly to £64.6m of unrealized foreign exchange losses on the retranslation of US dollar borrowings. Revenue rose by £89.1m.

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Meanwhile, payments to Ole Gunnar Solskjaer and Ralf Rangnick and their associated coaching staff have come in at £24.7million.

The club’s rising wage bill doesn’t seem to deter chief executive Richard Arnold, however, as he insisted the whole club is dedicated to improving the squad and getting back to the top.

“The primary mission of our club is to win football matches and entertain our fans,” Arnold said in a conference call with investors.

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

“We have also continued to develop our women’s team with the aim of strengthening our position among the flagship clubs of the Women’s Super League.

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“While there is still a lot of work to do, everyone at the club is aligned on a clear strategy to ensure sustainable success on the pitch and a sustainable business model off it, to the mutual benefit of fans, shareholders and of other stakeholders.

“Clearly our performance on the pitch finishing sixth in the Premier League last season fell short of our goals and expectations.

“In response, we have made important and necessary changes, including new leadership for the men’s first team under Erik ten Hag and strengthening the playing squad during the summer transfer window.”

On the club’s overall debt, United Chief Financial Officer Cliff Baty added: “Our financial results for FY2022 reflect a recovery from the pandemic, a full fan return and new business partnerships matched by increased investment. in the team of players.

“Our results were impacted by the absence of a summer tour in July 2021, significant one-off and increased utility costs, and the impact of the weaker pound sterling on our non-cash finance costs.”