(Bloomberg) -- Manchester United Plc cut its wage bill for the first time since 2015 as the Covid-19 pandemic slashed the soccer club’s revenue.
Full-year employee benefit expenses were 284 million pounds ($371 million), a reduction of about 15% year-on-year, the northwest England-based company said in a statement Wednesday.
United reported a 19% drop in full-year revenue as the virus led to the postponement of matches, which later resumed behind closed doors, resulting in a loss of matchday income and the payment of rebates owed to broadcasters.
“The impact of the pandemic and measures to prevent further spread continues to disrupt our businesses,” the club said in the statement. “Our top priority is to get fans back into the stadium safely and as soon as possible,” said Ed Woodward (NASDAQ:WWD), executive vice chairman.
United’s shares, which are traded in New York, have given up much of the rebound posted in recent months. The city of Manchester faces some of the U.K.’s tightest social restrictions following a dispute between local leaders and the national government over financial assistance.
The release of the financial results came a day after the team’s 2-1 Champions League group stage win against Paris St-Germain, last year’s competition finalists, in the French capital.
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