THE PARENT company of Salford City, who are co-owned by several Manchester United legends, lost nearly £5million last year.

Project 92 Limited have released figures for the year ending June 30, 2021 that showed the League Two side were operating at a loss of £91,000-a-week.

It was formed by ex-United stars Gary Neville, his brother Phil, Ryan Giggs, Paul Scholes, David Beckham and Nicky Butt and they own the club along with Singaporean businessman Peter Lim.

The parent company of Salford City, the club co-owned by a raft of former Manchester United stars, lost more than £4.7m last year according to new figures.

The accounts show that the negative sums last year have taken total losses to £15m-plus since Project 92 was created in 2015 and its liabilities are more than £19million.

Salford borrowed over £7m in the two years before the release of these accounts, potentially through investors, but their assets are valued at £3.7m.

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These figures show that the club spent £156,000 on players in 2020/21 but raised £237,000 in player sales.

The wage bill increased by 10 per cent for the previous 12 months, with these accounts showing that for every £100 of income they spent £143 on salaries.

The United icons have splashed the cash heavily since they took over the then non-league club, guiding them into the Football League, in which they are now into their third season of EFL action.

And their aim is to get even higher up the football pyramid over the coming campaigns.

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A strategic report from the club's directors' in this statement states: “Despite promotion to the EFL for the first time in the club's history in 2018-19, the club is yet to enjoy a full season in the EFL without restrictions; meaning that we have not yet managed to maximise potential revenue opportunities against the increase in operations costs and administrative expenses that are associated with running an EFL club.

“Investment continued to be made both on and off the pitch. New computer and administration systems were introduced club-wide, additional staff employed and work continued to upgrade the facilities at the Peninsula Stadium.

“This investment running alongside the recruitment and amassing of a playing squad deemed capable of achieving the desired objective of promotion from League Two to League One.”

Salford lost 1-0 at home to Port Vale last night in League Two to leave them sitting tenth in the table with just six games remaining.

Promotion remains a possibility, with the final play-off place just two points from their grasp.

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