By Daily Sports Nigeria on November 27, 2024

Manchester United suffered a £14 million ($17.6 million) drop in total revenue, falling to £143.1 million, as the absence from the lucrative Champions League affected their finances, according to first-quarter results released on Tuesday.

However, the club reported a net profit of £1.4 million for the period from July to September, compared to a £25.8 million loss during the same period last year. This improvement was attributed to favourable foreign exchange rates.

The Red Devils finished eighth in the Premier League under former manager Erik ten Hag last season — their lowest-ever placing — which meant they missed out on Europe’s top club competition.

As a result, broadcasting revenue fell by 20.4 percent to £31.3 million for the quarter ending September 30.
United’s FA Cup win last season means they are competing in this season’s Europa League instead.

Commercial revenue decreased by 5.6 percent to £85.3 million, with matchday revenue dropping by 3.3 percent to £26.5 million.

The club recorded “exceptional” costs of £8.6 million, which it said “comprise costs incurred in relation to the restructuring of the group’s operations, including the redundancy scheme implemented in the first quarter of the 2025 financial year.”

British billionaire Jim Ratcliffe’s INEOS group took over football operations earlier this year after purchasing a minority stake in the club. They initiated several cost-saving measures, including plans to cut around 250 jobs.

United’s chief executive, Omar Berrada, stated that cost and headcount reductions were “on track,” as was the renovation of the club’s Carrington training ground.

He also confirmed that a task force assessing the benefits of redeveloping Old Trafford or building a new stadium on adjacent land was continuing its work.

Despite earning record revenues, United ended their financial year in June with net losses of £113.2 million, marking their fifth consecutive year of losses.

The club is predicting total revenue for 2025 to be between £650 million and £670 million.

Ruben Amorim, who replaced the sacked Ten Hag earlier this month, took charge of his first game at Ipswich on Sunday, which ended in a 1-1 draw.

United currently sit 12th in the Premier League table after a poor start to the season, six points adrift of the top four teams, who qualify for the Champions League.

Source Punch Ng

Posted November 27, 2024

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