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Wednesday, March 22, 2023

Manchester United Revenues up by £152.8m amid £27.7m Loss

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Manchester United’s third-quarter revenues for 2022 up by 29.2 per cent to £152.8m ($192.1m), driven by the return of fans to Old Trafford stadium and increased commercial income.

However, financial statements for the three months ended March 31 showed the club still made a £27.7m net loss for the period due to its wage bill increasing by £16.6m to £101.8m. The club’s bottom line was also impacted by increased financing costs of £14.1m (Q3 2021: £1.4m) caused by fluctuations in foreign exchange rates.

Read Also: Official: Manchester United confirm Erik ten Hag new manager

Manchester United’s net debt increased but the English soccer giants’ shareholders are set to receive a dividend as the club announced their latest quarterly accounts.

Manchester United earned an additional £34.1 million ($42.94 million) in matchday revenue in this period, with the Covid-19 pandemic having limited matchday revenue to just £1.6 million ($2.02 million) in the third quarter of 2021.

Overall there was an operating loss of £21.8 million ($26.7 million) for the third quarter, compared to £21.6 million ($27.2 million) for the prior year, with broadcast revenue down by 12 per cent to £51.5 million ($65 million).

The Manchester United’s net debt was £495.7 million ($626.05 million), up 11.8 percent from 12 months ago.

The results stated that a ‘semi-annual cash dividend’ equating to nine cents per share would be paid to shareholders on 24th June.

Manchester United Chief executive Richard Arnold’s statement accompanying the results also touched on major developments in the game, such as the introduction of more stringent regulations on agents being developed by FIFA, new Uefa financial sustainability regulations capping squad costs at 70 per cent of turnover and Champions League expansion from 2024.

“Overall, these changes demonstrate a welcome trend towards stronger governance and greater financial sustainability in European football,” he said.



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