Manchester United have announced a net loss of £115.5m for the 2021-22 season, although revenues rose by 18% to £583m.
The latest figures released for the financial year, ending in June 2022, showed losses rose by £23m compared to 2021.
United's net debt also rose by 23% compared with the previous year, increasing from £419.5m to £514.9m.
The Red Devils indicate that the rise of £95.4m is primarily down to the £64.6m of unrealised foreign exchange losses on the retranslation of borrowings in US dollars.
The figures also state that United's revenue rose by £89.1m, while they paid out £33.6m in dividends to shareholders.
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A statement from the club's chief financial officer Cliff Baty read: "Our financial results for fiscal 2022 reflect a recovery from the pandemic, a full return of fans and new commercial partnerships offset by increased investment in the playing squad.
"Our results have been adversely affected by the absence of a summer tour in July 2021, material exceptional and increased utility costs, and the impact of the weakening of sterling on our non-cash finance costs."
Chief executive Richard Arnold, who has been in his role at the club since February, added: "Our club's core mission is to win football matches and entertain our fans.
"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.
"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."
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As a result of signing Cristiano Ronaldo, Raphael Varane and Jadon Sancho in the summer of 2021, Man United's wage bill rose by 19.5% from £322.6m to £384.2m.
That figure is the highest in Premier League history, eclipsing the previous mark set by rivals Manchester City (£355m).
The dismissals of head coach Ole Gunnar Solskjaer, interim boss Ralf Rangnick – who did not take up a two-year consultancy role at the end of the season as initially agreed – and their respective coaching staff came to a total of £24.7m.
United's forecast total revenue for the 2022-23 campaign is between £580m and £600m and they are targeting adjusted core profit between £100m to £110m.
The Red Devils spent in excess of £200m on six signings in the most recent transfer window, including the £85m addition of Ajax attacker Antony, the third-most expensive signing in the club's history.
