Manchester United saw their net debt rise by 42 per cent in the first three months of 2020 compared to the same period last year.
The club now has net debt of £429.1million, a rise of £127.4million compared to the previous 12 months, but have put that sharp increase down a drop in cash as a result of the COVID-19 pandemic and changes in the exchange rate between the pound and the dollar.
In a statement detailing financial results from January 1 to March 31, the club said: "Net Debt as of 31 March 2020 was £429.1 million, an increase of £127.4 million over the prior year quarter, due to an overall decrease in cash and cash equivalents and adverse movements in the GBP:USD exchange rate. The gross USD debt principal remains unchanged."
United's overall debt remains unchanged, with the net debt figure rising due to that drop in cash reserves, which has also been partially caused by the acquisitions of Harry Maguire, with the full fee paid to Leicester City upfront, and some instalments paid to Sporting Lisbon for Bruno Fernandes.
The coronavirus pandemic has had a significant impact on the finances of football clubs and, while United's latest results only run to the end of March, just two weeks after the Premier League season was suspended, they have also been affected.
Broadcast revenue for the three months has fallen by just over 50%, to £26million. Part of that is down to an expected £15million rebate due to broadcasters "following delay and broadcast schedule changes to the 2019/20 football season".
The club has also missed out on broadcasting revenue from the Champions League this season, which has also affected that figure.
Matchday revenue fell by just 8.2 per cent, but these figures only include a postponed last-16 second leg Europa League tie against LASK Linz and the closure of non-matchday operations, such as the megastore, museum and tours, in mid-March.
Assessing the impact of COVID-19 on the business, the United statement said: "Operationally, the impact of the pandemic and measures to prevent further spread continues to disrupt its businesses in a number of ways, most significantly in Broadcasting and Matchday operations.
"Old Trafford and its flagship Megastore operations have been closed to visitors since 20 March 2020 and Museum, Stadium Tour and Red Café operations have been closed since 17 March 2020.
"Government imposed restrictions have also resulted in the postponement of the Premier League, UEFA competitions and FA Cup competition since 13 March 2020.
"Postponement of the Premier League and changes to match scheduling has resulted in a reduction in the total broadcasting revenue expected for the season and has impacted broadcasting revenue during the quarter for matches played to date.
"In addition, during the quarter, Broadcasting and Matchday revenues were impacted due to the postponement of three matches: one away Premier League match, one home Round of 16 Europa League match and one away FA cup quarter-final match."
United still have cash reserves of just over £90million, as well as access to £150million in credit.
