Manchester United's debt rises to £429 million, results reveal


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Manchester United have felt the financial pinch amid the coronavirus crisis, with executive vice-chairman Ed Woodward vowing to "weather these challenges" as a return to action edges closer.

Ole Gunnar Solskjaer's team last played 10 weeks ago, when they thrashed LASK in a Europa League last-16 clash forced behind closed doors due to Covid-19 measures in Austria.

The Premier League was suspended the following day and that has taken its toll on the balance sheet, with United no longer predicting revenues of up to £580million (Dh2.56bn) forecast in the second quarter of fiscal 2020.

Instead, United said in their third quarter result that they were withdrawing their previous guidance "given ongoing uncertainty due to COVID-19 and the evolving related economic and financial consequences".

United recorded an overall loss of £3.3m between January 1 to March 31, which was primarily down to the 51.7 per cent decrease in broadcast revenue.

At £26m compared to £53.8m the previous year, United said that was "primarily due to an estimated £15m Premier League rebate due to broadcasters, following delay and broadcast schedule changes to the 2019/20 football season, non-participation in the UEFA Champions League, and the impact of playing two fewer Premier League away games."

United expect to pay a £20m rebate to broadcasters this year, with the £15m reduction mentioned in the results reflecting the 29 games played to-date.

Revenue has dropped 18.7 per cent over the prior year quarter to £123.7m as debt rose 42.2 per cent to £429.1m, but Woodward believes United are well placed to bounce back.

"Our focus remains on the health and well-being of our colleagues, fans and partners around the world and we are extremely proud of how those connected to the club have responded during this crisis," the United executive vice-chairman said.

"Since the start of the pandemic, Manchester United and our Foundation have provided assistance to hospitals, charities and schools in our communities, as well as support for frontline workers and vulnerable fans.

"These actions reflect our core values as a club and the resilience through adversity that we have demonstrated many times throughout our long history and will do so again to weather these current challenges.

"In that spirit, we look forward to the team safely returning to the pitch and building on the exciting momentum that Ole and the players had previously achieved, while taking all necessary steps to protect public health.

"Our thoughts remain with all those affected during this unprecedented time."

Our legal consultants

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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Brief scoreline:

Manchester United 0

Manchester City 2

Bernardo Silva 54', Sane 66'

Combating coronavirus
ENGLAND SQUAD

Joe Root (c), Moeen Ali, Jimmy Anderson, Jonny Bairstow, Stuart Broad, Jos Buttler, Alastair Cook, Sam Curran, Keaton Jennings, Ollie Pope, Adil Rashid, Ben Stokes, James Vince, Chris Woakes

Nayanthara: Beyond The Fairy Tale

Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni

Director: Amith Krishnan

Rating: 3.5/5

BMW M5 specs

Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor

Power: 727hp

Torque: 1,000Nm

Transmission: 8-speed auto

Fuel consumption: 10.6L/100km

On sale: Now

Price: From Dh650,000

While you're here
The bio

Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district

Was a middle distance state athletics champion in school

Enjoys driving to Fujairah and Ras Al Khaimah with family

His dream is to continue working as a social worker and help people

Has seven diaries in which he has jotted down notes about his work and money he earned

Keeps the diaries in his car to remember his journey in the Emirates

Without Remorse

Directed by: Stefano Sollima

Starring: Michael B Jordan

4/5

FIXTURES

Thu Mar 15 – West Indies v Afghanistan, UAE v Scotland
Fri Mar 16 – Ireland v Zimbabwe
Sun Mar 18 – Ireland v Scotland
Mon Mar 19 – West Indies v Zimbabwe
Tue Mar 20 – UAE v Afghanistan
Wed Mar 21 – West Indies v Scotland
Thu Mar 22 – UAE v Zimbabwe
Fri Mar 23 – Ireland v Afghanistan

The top two teams qualify for the World Cup

Classification matches
The top-placed side out of Papua New Guinea, Hong Kong or Nepal will be granted one-day international status. UAE and Scotland have already won ODI status, having qualified for the Super Six.

Thu Mar 15 – Netherlands v Hong Kong, PNG v Nepal
Sat Mar 17 – 7th-8th place playoff, 9th-10th place playoff

Company profile

Company: Verity

Date started: May 2021

Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif

Based: Dubai

Sector: FinTech

Size: four team members

Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000

Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors

How to help

Donate towards food and a flight by transferring money to this registered charity's account.

Account name: Dar Al Ber Society

Account Number: 11 530 734

IBAN: AE 9805 000 000 000 11 530 734

Bank Name: Abu Dhabi Islamic Bank

To ensure that your contribution reaches these people, please send the copy of deposit/transfer receipt to: juhi.khan@daralber.ae

At a glance

Fixtures All matches start at 9.30am, at ICC Academy, Dubai. Admission is free

Thursday UAE v Ireland; Saturday UAE v Ireland; Jan 21 UAE v Scotland; Jan 23 UAE v Scotland

UAE squad Rohan Mustafa (c), Ashfaq Ahmed, Ghulam Shabber, Rameez Shahzad, Mohammed Boota, Mohammed Usman, Adnan Mufti, Shaiman Anwar, Ahmed Raza, Imran Haider, Qadeer Ahmed, Mohammed Naveed, Amir Hayat, Zahoor Khan

The biog

Name: Younis Al Balooshi

Nationality: Emirati

Education: Doctorate degree in forensic medicine at the University of Bonn

Hobbies: Drawing and reading books about graphic design

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The squad traveling to Brazil:

Faisal Al Ketbi, Ibrahim Al Hosani, Khalfan Humaid Balhol, Khalifa Saeed Al Suwaidi, Mubarak Basharhil, Obaid Salem Al Nuaimi, Saeed Juma Al Mazrouei, Saoud Abdulla Al Hammadi, Taleb Al Kirbi, Yahia Mansour Al Hammadi, Zayed Al Kaabi, Zayed Saif Al Mansoori, Saaid Haj Hamdou, Hamad Saeed Al Nuaimi. Coaches Roberto Lima and Alex Paz.

Anxiety and work stress major factors

Anxiety, work stress and social isolation are all factors in the recogised rise in mental health problems.

A study UAE Ministry of Health researchers published in the summer also cited struggles with weight and illnesses as major contributors.

Its authors analysed a dozen separate UAE studies between 2007 and 2017. Prevalence was often higher in university students, women and in people on low incomes.

One showed 28 per cent of female students at a Dubai university reported symptoms linked to depression. Another in Al Ain found 22.2 per cent of students had depressive symptoms - five times the global average.

It said the country has made strides to address mental health problems but said: “Our review highlights the overall prevalence of depressive symptoms and depression, which may long have been overlooked."

Prof Samir Al Adawi, of the department of behavioural medicine at Sultan Qaboos University in Oman, who was not involved in the study but is a recognised expert in the Gulf, said how mental health is discussed varies significantly between cultures and nationalities.

“The problem we have in the Gulf is the cross-cultural differences and how people articulate emotional distress," said Prof Al Adawi. 

“Someone will say that I have physical complaints rather than emotional complaints. This is the major problem with any discussion around depression."

Daniel Bardsley

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Lampedusa: Gateway to Europe
Pietro Bartolo and Lidia Tilotta
Quercus

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Most sought after workplace benefits in the UAE
  • Flexible work arrangements
  • Pension support
  • Mental well-being assistance
  • Insurance coverage for optical, dental, alternative medicine, cancer screening
  • Financial well-being incentives 

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Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
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