Sun, 04 Jun 2023

Manchester United records profit ahead of potential sale

Robert Besser
02 Apr 2023, 20:53 GMT+10

MANCHESTER, England: Due to higher commercial revenues and lower wages, English Premier League club Manchester United said this week that it recorded a second-quarter net profit of 6.3 million euros ($7.78 million) in the three months to 31st December, compared with a loss of 1.4 million euros last year.

Meanwhile, the revenue of the club, based in Old Trafford, fell almost 10 percent to 167 million euros.

In 2022, the club's American owners, the Glazer family, launched a formal sale process and have received several bids, including from Sheikh Jassim bin Hamad Al Thani, Finnish businessman Thomas Zilliacus and British billionaire Jim Ratcliffe.

The club, which has offered no details about the sale, said ticket sales for the current 2022/23 season have surpassed the record set in 2016/17, at 2.3 million tickets.

It added that prices for adult season ticket renewals increased by about 5 percent for next season, and its short-term borrowing at the end of last year rose 95 percent to 206.2 million pounds, while forecasts for annual revenue and core profit remain unchanged.

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