Up £137m in first quarter
Manchester United’s debt soars to nearly £400 million
Figures: Manchester United (pic: SNS Group)
Manchester United’s latest financial figures show the club’s net debt has soared to more than £380 million.
The total of £384.5m is up 55.5% – £137.3m – on last year’s numbers.
Although the English Premier League side posted increased revenues of £135.4m for the first quarter of 2019-20, up £400,000 on the same period last year, the level of debt will raise eyebrows among fans already questioning the running of the club by the Glazer family.
There was also a slight improvement in commercial revenue at Old Trafford, the £80.4m total representing a 5.9% increase on the previous year.
Broadcasting revenue for the quarter, however, was down to £32.9m, a 23.1 per cent drop (£9.9m) on the same quarter the previous year.
The figures published today cover the period 1 July, 2019 to 30 September, 2019.
With no Champions League football, United are expecting annual revenue to be down this year to somewhere between £560-580m, compared to £627.1m for the year ending June 30, 2019.
Executive vice-chairman Ed Woodward said: “We have a clear vision in terms of football philosophy and recruitment.
“The significant investments that we have made in recent years in areas such as transfers, recruitment infrastructure, analytics and our academy are already beginning to bear fruit.
“We are very proud to be shortly approaching a milestone 4,000th game featuring an academy player, and we are particularly optimistic regarding the considerable young talent currently coming through.
“Our ultimate goal is to win trophies by playing exciting football with a team that fuses graduates from our academy with world-class acquisitions.”