Man United release latest financial results
Man United continue to be a financial juggernaut but the coronavirus pandemic has certainly hit them hard, according to the release of their latest results.
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In a call with investors Thursday, executive vice chairman Ed Woodward revealed the results from Jan. 1 to Mar. 31 as revenue dropped 19 percent year-on-year to $150 million.
Woodward revealed that he is “optimistic” the Premier League season will resume in June and the Europa League will be completed in August.
“We look forward to the team safely returning to the pitch and building on the exciting momentum that Ole and the players had previously achieved, while taking all necessary steps to protect public health,” Woodward said.
Man United, owned by the Glazer family, also saw their debt rise to 42 percent to $524 million but they are one of the only soccer teams on the planet who seem equipped to battle through this incredibly challenging time.
With no fans expected in the stands for many months, revenue streams drying up, the season currently suspended and players on huge wages, many clubs will only be able to last for a short period of time before huge financial issues arrive.
Man United’s managing director, Richard Arnold, reinforced the notion that the Premier League giants are resilient and able to come through the coronavirus pandemic.
“While it may not be an exact proxy for today’s crisis, over the course of our 142-year history, this club has endured two World Wars, a global depression, the credit crunch and a previous pandemic. Resilience is a core part of the club’s DNA,” Arnold said.
Here are some of the other key takeaways from Man United’s latest financial results for Jan. 1 to Mar. 31:
- Revenue drops 19 percent year-on-year to £150 million.
- Debt soars 42 percent to $524 million.
- Have $110 million cash balance and access to $183 million in credit.
- Predicts $24 million rebate to TV companies due to delay of season.