Manchester United's attempt to strengthen their underperforming squad has proved costly with debt rising more than 55 per cent in a year to Stg384.5 million ($A565m).
That is an increase of Stg140m ($A266.4m) from the previous 12 months.
The cost of signing Harry Maguire, Aaron Wan-Bissaka and Daniel James before the 2019-20 season in the first quarter of the financial year was about Stg140m ($A266.4m).
Although United reported record revenue last season of Stg627.1m ($A1.2b), the New York Stock Exchange listed business is now expecting the figure to drop to between Stg560m ($A1.07b) and Stg580m ($A1.1b)
That is due to United missing out on Champions League television and prize money after finishing sixth in the Premier League last season.
United could miss out again with the side in seventh place, nine points behind fourth-placed Manchester City after 12 of the 38 games.
"Our ultimate aim is to win trophies, play fast, fluid, attacking football, with a team that uses graduates from our academy along with world-class acquisitions," United executive vice chairman Ed Woodward said.
"We know this will not be achieved overnight, however we have made investments across the club that we believe will set us on the right path.
"We know our academy is a strong competitive advantage and an area we will continue to invest in as it is at the heart of the club."
Australian Associated Press