Manchester United announce record revenue of $696 million, debt drops
On Wednesday Manchester United revealed record revenue numbers for the 2013-14 financial year.
The Red Devils’ revenue over the past 12 months totalled $696 million, up 19 percent from the previous year, and the club made an overall profit of $38.3 million.
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United’s astronomical debt is still high though, but the Glazer family have decreased that by 12 percent as the debt currently stands at $551 million.
The Premier League club expects revenue to be down in 2014-15 for obvious reasons, no Champions League income and reduced prize money for finishing seventh in the PL last season. Revenue over the next 12 months is expected to fall to between $620-635 million.
Executive vice-chairman Ed Woodward, who took over from David Gil last summer, has played a big part in United’s off-field success and had the following to say about the future.
United’s financial results shows their muscle to pull in cash from across the globe, despite poor results, remains.
That said, they did release information which showed they shelled out almost $10 million in payments to David Moyes and his coaching staff when he was fired after less than 12 months in charge.
The cost of their worst season in PL history hasn’t hit them yet, as the Red Devils’ aggressive sponsorship strategy continues.
If LVG can guide them through this rocky patch and back into the top four of the PL, United’s revenues could soar even higher. For now, they seem to be doing just fine no matter where they finish. Although their large amount of debt will still be worrying for fans.