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mega move Manchester United report huge losses as their latest transfer target is revealed

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Manchester United manager Ole Gunnar Solskjaer. (Photo by Kacper Pempel - Pool/Getty Images)

Manchester United manager Ole Gunnar Solskjaer. (Photo by Kacper Pempel - Pool/Getty Images)

Manchester United manager Ole Gunnar Solskjaer. (Photo by Kacper Pempel - Pool/Getty Images)

Manchester United have made their move for a major transfer target, even after the club announced huge losses for the first quarter of 2021.

United are widely reported to have made an initial offer to Real Madrid for their defender French centre-back Raphael Varane, who is out of contract next summer and appears to be keen to make a move to Old Trafford.

Varane has confirmed he is a big admirer of United and former Red Devils centre-back Rio Ferdinand was his hero growing up.

Ferdinand and his former United team-mate Gary Neville have both been urging United to make their move for Varane and not it seems they have shown their hand, after making an initial offer of around £50million.

That figure is well below Real Madrid's £80million valuation, but there is a feeling Real Madrid may be willing to do business if they fail to convince the player to sign a new contract with the club.

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Real Madrid's Raphael Varane in action against Real Sociedad's Alexander Isak. Photo: Sergio Perez/Reuters

Real Madrid's Raphael Varane in action against Real Sociedad's Alexander Isak. Photo: Sergio Perez/Reuters

Real Madrid's Raphael Varane in action against Real Sociedad's Alexander Isak. Photo: Sergio Perez/Reuters

United are also pushing to seal a deal to sign Jadon Sancho from Borussia Dortmund, but talks have stalled in that deal as the clubs have yet to agree a fee for the England attacking star.

Meanwhile, it has been confirmed that United recorded a £21.6million loss in the first three months of the year as the coronavirus pandemic kept fans out.

United’s revenue for the third quarter of the year up until March 31 was £118.3m, representing a 4.4 per cent drop compared to the same period of 2020.

Matchday revenue fell from £29.1m to £1.6m compared to the previous equivalent quarter, with matches being held behind closed doors playing a part in the operating loss of £21.6m for the period.

The financial results also showed a £10.7m dividend payment to shareholders – payments United co-chairman Joel Glazer defended at a recent fans’ forum.

Financial results showed net debt stood at £443.5m but executive vice-chairman Ed Woodward, who will leave his position by the end of the year, was confident about the future.

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"The absence of fans over the past year has proved that they are the lifeblood of the game," he said in a statement.

"Following the successful return of limited numbers at the end of last season, and continued trials of increased crowds at sports events this summer, we remain optimistic about the prospect of fans returning to Old Trafford in larger numbers going forwards.

"With the foundations for long-term success in place, including significant initiatives to strengthen engagement with our supporters, we look forward to the upcoming season."

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