A net loss before tax of £18.3million was recorded by the club for the year ending 31 May 2023, although it is claimed this was largely due to increased investment in the playing squad through signing on fees, wages and other associated costs.
And the club recorded its largest ever turnover of £236.7million, thanks in main to increased revenue from the club’s European campaigns – while settling a long-term financing facility with MSD Holdings Limited.
That was in spite of matchday income falling – from £41.3million to £41million – and commercial revenue remaining virtually the same as the previous year (£34.7million in the year ending May 2022 compared to £35.1million this year).
Meanwhile sales from retail and merchandising also fell slightly compared to 2022’s figures, from £13.1million to £13million. even though the club ultimately enjoyed another successful European campaign.
“Following a significant and record-breaking investment of £183.9million in the men’s playing squad in the summer of 2022, which ultimately led to a hugely successful and memorable 2022/23 campaign, the club reports a net loss before tax,” read a club statement.
“A successful year on and off the pitch meant turnover was again incredibly positive in 2022/23 at £236.7m. The club also paid off the MSD Holdings Limited loan during this financial term, replacing it with a more favourable Barclays overdraft facility.
“The club once again made the strategic decision to provide funds in line with the requirements of the men’s first-team manager to significantly enhance the squad during the 2022/23 summer and winter transfer windows, with new additions to the squad costing £184million, increasing the total net book value of the men’s first team players to £219million.
“This strategy proved to be successful as we were able to secure our core aim of maintaining our Premier League status for a twelfth consecutive season, which is the longest period the club has remained in the Premier League since its inception in 1992.”
And the club’s higest paid director, believed to be Karren Brady, was paid £1.36million – down from the £2.2million paid the previous year but up in real terms, as 2022’s remuneration included a £1million bonus.
