Glazers take bumper Man Utd dividends despite massive losses

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Manchester United shareholders received almost £12m in dividends despite their massive revenue shortfall.

The Manchester Evening News says United paid a further £11.9million in dividends to shareholders in the three months from April 1 to June 30, taking the total for this financial year to just over £23million.

The majority of those dividends have been paid to the six Glazer family members who hold shares and it comes despite United revealing the UK lockdown has cost them £70million in lost revenues so far.

The payment of dividends comes as many companies suspend such outgoings as a result of the UK lockdown, with a report in August suggesting 445 UK firms had cancelled, cut or suspended dividend payments since the crisis began.

The financial results also showed a rise in net debt as a result of the decline in cash due to the UK lockdown and spending on new players, although the principal level of actual debt has remained unchanged.

As well as announcing the results for the previous three months United also revealed their financial outcomes for the year from July 1, 2019 to June 30, 2020 today, with revenues falling by £118.1million.