Manchester United reveal Premier League record annual revenue but still make loss
Manchester United have reported a Premier League record revenue figure of £648.4million for the year ending June 30.
The figure is 11 per cent up from the previous year and beats the previous league record set by United in 2019, but the Red Devils have still reported a loss of £42.1million.
The record earnings come in spite of the fact they were in the Europa League, rather than the more lucrative Champions League, last season.
The club have also predicted revenue for the 2023-24 period will be between £650m and £680m.
The announcement comes at a time when the founder of the INEOS chemicals company, Sir Jim Ratcliffe, is reported to be close to securing a 25 per cent stake in the club.
United’s wage bill for the period was down £52.8m to £331.4m, which the club attributed to “squad turnover” and their absence from last season’s Champions League.
The report confirmed no dividends had been paid to the Glazer family who own the club.
The Glazers announced last November they had commissioned work to look at ‘strategic alternatives’ to help the club grow, which included consideration of a sale.
It now appears they will remain in control, with Ratcliffe reported to be taking a 25 per cent stake and gaining control over football operations.
The PA news agency understands Qatari businessman Sheikh Jassim withdrew his interest in a full takeover earlier this month.
Part of his bid was understood to be a commitment to clear all of the club’s debt.
United reported long-term debt at £507.3million. The figure was given as 650m US dollars in the accounts – unchanged from the previous year – but the report said the year-on-year change in the exchange rate meant the figure in sterling was a lower amount this year compared to last.
