Manchester United’s annual financial report shows that they spent £24.7million on getting rid of Ole Gunnar Solskjaer and Ralf Rangnick over the last year.
The club recorded a net loss of £115.5million for the financial year up to 30 June 2022, compared with £92.2million in 2021.
A significant chunk of their expenditure came from paying off two managers in what was their worst season in Premier League history as they achieved just 58 points.
Solskjaer was sacked in November last year after a 4-1 defeat to Watford that left United seventh in the Premier League table after the first 12 games of the season.
Only four months earlier, Solskjaer had signed a new three-year contract at Old Trafford, meaning United had to pay a hefty fee to sack him
Ralf Rangnick came in to replace the Norwegian on an interim basis until the end of the campaign and also agreed to take on a consultancy role at the club for a further two years.
However, after leading United to a sixth-place finish, Rangnick accepted a job as the manager of the Austria national team at the end of the season and the club’s hierarchy promptly cancelled the plans for him to stay in Manchester.
The Red Devils won only 38% of their games under Rangnick, the worst win percentage of any United manager in the Premier League era and the club’s worst for 50 years.
United’s financial report also reveals that their net debt currently stands at £514.9million, up from £419.5million last year.
‘Our club’s core mission is to win football matches and entertain our fans,’ chief executive Richard Arnold commented.
‘Since our last earnings report, we have strengthened our men’s first team squad, completed a successful summer tour, and established a foundation to build from in the early stages of the 2022/23 season under our new manager Erik ten Hag.
‘We have also continued to develop our women’s team with an aim of reinforcing our position among the leading clubs in the Women’s Super League.
‘Ultimately, we know that the strength of Manchester United rests on the passion and loyalty of our fans, which is why we have made fan engagement a strategic priority.
‘While there is a lot more work to do, everyone at the club is aligned on a clear strategy to deliver sustained success on the pitch and a sustainable economic model off it, to the mutual benefit of fans, shareholders, and other stakeholders.’