Manchester United's net debts have risen from $95 million to over $500 million.
The debt show a 37.6% decrease in broadcast revenue due to the club not being in Champions League.
Net revenue decreased 19.3% overall.
Other increases in debt stem from player acquisitions over the winter window, including Bruno Fernandes.
Team chairman Ed Woodward continued to back Ole Gunnar Solskjaer.
“We are pushing for a strong finish in the Premier League, the Europa League and the FA Cup as we enter the final third of the season,” said Woodward. “We have continued to make progress on our squad rebuild, with many changes in terms of players that we have brought in and players that have come through our academy.
“The foundation for delivering the long-term success that we are all working towards is in place as we implement our plan and our footballing vision with Ole.”