Manchester United Plc (NYSE:MANU), which is reportedly interested in bidding for Tottenham's record-breaking striker Harry Kane, told investors its cash position shrunk by £90mln.
Ironically, that is exactly the fee the England striker is likely to command should he be sold this summer transfer window.
Cash and cash equivalents stood at £31mln as of 31 December 2022, down from £121mln it reported six months prior.
In its second quarter to the end of 2022, the Premier League club also reported an operating loss of £2.9mln compared to a profit of £5.4mln in the same period a year earlier.
For the six months to year-end, losses stood at £6.3mln, widening by 31% from the second half of 2021.
Total revenue in the quarter was also down 9.8% to £167.3mln while adjusted underlying earnings (EBITDA) fell by 9.6% to £48.3mln compared to 2021.
However, on a half-year basis, revenues were largely flat, falling 0.3% to £311mln, while adjusted EBITDA was up 4.1% to £71.9mln.
All the news surrounding the Manchester-based club in recent months, at least off the pitch, is about who the potential new owners could be.
The latest development in the takeover bid saw Ineos owner Sir Jim Ratcliffe and Qatari banker Sheikh Jassim Bin Hamad Al Thani reportedly make bids of more than £5bn for the club.
This comes after both parties had requested the deadline for their second bids be extended beyond last Wednesday’s 9pm cut-off.
Raine Group, the bank running the sales process, will now put forward its recommendation for the preferred bidder once it has reviewed all offers.