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Latest financial report sheds light on increasing debt and Man United’s severance package to Solskjaer

Richard Arnold keen on securing Erik ten Hag as the new Manchester United manager.
Richard Arnold is the head honcho at Manchester United these days. (Credit: Getty Image)

Manchester United release financial report as it is revealed that £10m was paid in compensation to Ole Gunnar Solskjaer for his termination

According to the Daily Mail, Manchester United released their financial report for the second quarter of the 2022 financial year. It was the first financial results to be published since chief executive Richard Arnold took over at the club last month.

Apart from Arnold, the club also saw a host of other changes being made on the pitch in the last year as they sacked club legend Ole Gunnar Solskjaer as permanent manager after a string of poor results under the Norwegian at the beginning of the current season.

The recent financial results revealed that United paid £10m in compensation to the former manager and his coaching staff after the club sacked them last November. Ralf Rangnick was then appointed as manager on an interim basis until the end of the season.  

Ole Gunnar Solskjaer was paid £10m in compensation after he was sacked.
Ole Gunnar Solskjaer was paid £10m in compensation after he was sacked.

The Red Devils also bid goodbyes to Solskjaer’s coaching team of Michael Carrick, Kieran McKenna, and Martyn Pert since the Norwegian’s departure. Mick Phelan and Eric Ramsey have stayed on to assist Rangnick until the end of the season when a new permanent manager is due to be appointed.

“Clear vision”

The financial report gave us an indication of how things fare at the club. United’s net debt has risen 8.6% on the total since last December, while also reporting a growth of 7.3%. One of the world’s biggest sides with deep pockets, it is interesting to get to know the inner workings of the Old Trafford side.

Arnold commented on the recent results by saying that the Manchester club had a clear vision going forward and that they were looking to implement a winning strategy to drive the team forward for the future. The summer is expected to usher in a new era at the club with a new permanent manager.

“Everyone associated with Manchester United should have belief in the opportunities that lie ahead of us, both on the pitch and in the way we engage and serve our fans.We have a clear vision and we are implementing a strategy to win with an empowered leadership team to drive that forward.”

Manchester United chief executive Richard Arnold commented on the recent financial results and said the club had a clear vision going forward.
Manchester United chief executive Richard Arnold commented on the recent financial results and said the club had a clear vision going forward.

Despite his dismissal, Solskjaer will be fondly remembered by fans and club officials for steadying the ship after United dismissed Jose Mourinho in 2018 after a terrible run of form. Although appointed on an interim basis, the Manchester side offered him the full-time job after results quickly picked up.

The former Red Devils striker would go on to lead his club to the final of the Europa League last season but fell in the final hurdle to Villarreal as the La Liga team beat them on penalties. It was the closest United came to winning a trophy since 2017.

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The news about the club seeing a growth in revenue is good for the Old Trafford side, as it could possibly mean that they have enough funds in the summer to add reinforcements to the side. A new permanent manager hunt is also underway, and next season is expected to see a host of changes.

Hopefully, Rangnick is able to steer the side to a strong finish by the end of the season and ensure Champions League football next term, which is sure to only boost the club financially. Expectations are high, but only time will tell if results will live up to the aspirations the club have.

Ousmane Dembele will run down his contract this summer. (Photo by PAU BARRENA/AFP via Getty Images)

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