Even though Manchester United's revenues increased by 18%, they still posted a net loss for the season.
Their financial year ended in June, and the figures show a rise in losses.
The club's debt went up by more than 22% this year.
Richard Arnold said the club's goal is to win football matches and entertain fans.
As a result of the signings last summer, the wages of Jadon Sancho and Raphael Varane went up by more than $60 million.
The previous total of £355m was the highest in the history of the premier league.
"Our financial results reflect a recovery from the Pandemic, a full return of fans, and new commercial partnerships offset by increased investment in the playing squad," said the CFO.
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 have negatively impacted our results.
The associated coaching staff and pay-offs to managers were worth over 25 million dollars.
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