Manchester United, the top English Premier League soccer club, saw revenue increase by 11% year-on-year in the fiscal third quarter to £170 million ($206 million).
Earlier today (June 27), the teamed raised their revenue guidance for the current financial year to a record range - £630 million to £640 million - on releasing the Q3 results. The club has said this is driven by record match attendance at its Old Trafford stadium, and therefore record matchday revenues.
That income stream amounted to £49.9 million during the three months up to March 31, 2023, an increase of 39.8% over the previous financial year’s third quarter.
The club’s guidance for its earnings before interest, taxation, depreciation, and amortization (EBITDA) has also increased, to a range of £140 million to £150 million, in addition.
However, despite these impressive figures the club still made an operating loss of £4.7 million. Operating expenses reached £176.6 million.
These results come in the midst of the club’s owners, Florida’s Glazer family, weighing up takeover offers from the Qatari banker Sheikh Jassim and from UK petrochemicals billionaire Sir Jim Ratcliffe. That process has been going on since the early months of this year, and it is still not clear when the process will be resolved, who is the favorite, or even whether the Glazers have made a firm decision to sell.
The family did say they would consider full sale offers when opening a strategic review process last November, but the issue has since dragged on for so long that many suspect that is no longer their preferred option.
The total ticket sales number of 2.4 million at Old Trafford across the recently-completed 2022-23 season surpassed the previous record figure, set in 2016-17.
In terms of other revenue sources, broadcast income for the third quarter was down 1.6% year-on-year, due to the club taking part in the UEFA Europa League pan-continental competition as opposed to the more lucrative top-tier Champions League.
However, this was partially offset by the club’s improved performance in the various domestic cup competitions - United won the league cup and reached the final of the FA Cup last season.
Commercial revenue, however, was up 5.8% year-on-year to £69.4 million. Sponsorship income, inside that sector, amounted to £41 million, an increase year-on-year of 4.6%.
A group of United fans gathered outside Old Trafford today in protest against the Glazers, who have been deeply unpopular ever since they acquired the club in May 2005, in a leveraged buyout that loaded the debt from the takeover onto United’s balance sheet.
Image: Shaun Botterill/Getty Images
