London, UK: The Union of European Football Associations’ (UEFA) Club Financial Control Body (CFCB) has fined the professional football club Manchester United $337,425 for violating Financial Fair Play regulations during the period between 2019 and 2022.
The CFCB found that the United Club failed to meet a balanced financial position in their football-related business, including player transfers, wages, and social taxes.
“While disappointed by the outcome, Manchester United accepts this fine for what UEFA acknowledges to be a minor technical breach of its previous Financial Fair Play (FFP) rules. This reflected a change in the way that UEFA adjusted for COVID-19 losses during the 2022 reporting period, which allowed us to recognise only €15 million ($17.5 million) of the €281 million ($329.5 million) of revenues lost due to the pandemic within the FFP calculation,” United said in a statement.
“Post-pandemic, the clubs’ revenues have recovered strongly and are forecast to reach a record level in the current financial year. The club continues to support the enforcement of rules to promote financial fair play and sustainability across domestic and European football,” the statement said.
As per the statement, United could not account for $54 million in COVID-related losses during the 2022 monitoring period because of UEFA’s lack of flexibility in those tough times, but it shows they have committed the breach.
The only signing United made this summer was Mason Mount from Chelsea for $82 million. Barcelona was also fined $585,000 for wrongly reporting the profit from the “disposal of intangible assets” that should not have been accounted for as income according to FFP rules.
RELATED | Commonwealth Bank receives historic $3.55mn fine for violating spam laws
