Breaking news!!

Manchester United reveal debt has SOARED by £127.4m to £429m, with revenues slumping and TV companies in line for a £15m rebate because of the coronavirus shut down

• Old Trafford club's latest figure show a stunning 42 per cent rise in net debt
• United's debt has increased £127.4m to £429.1m over course of the past year
• Revenues have dropped 19 per cent year-on-year up until March 31 to £123.7m
• United will also have to pay £15m back to Premier League broadcasters 
• Financial figures show only initial impact of the shutdown caused by Covid-19
• United say they will revise predicted revenues of up to £580m amid the crisis

Manchester United have revealed the extent of the coronavirus crisis on their finances in the latest quarterly results with the club's debt rising by £127.4million or 42 per cent.

United announced on Thursday that they are withdrawing their previous forecast for 2020 'given ongoing uncertainty due to COVID-19 and the evolving related economic and financial consequences'.

But the latest figures show just how much United and other Premier League clubs have been hit by the two-month football shutdown and also confirmed they will have to repay £15m to broadcasters. 

Manchester United have seen debt soar by 42 per cent to almost £430m in recent months