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Tuesday, June 25, 2024
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Man United Posts Bullish Financial Results, Offers No Clues On Sale

  • Club officials avoid discussion of sale efforts during call with analysts
  • Full-year revenue projection reaches record level
A view of a Manchester United corner flag during a night match.
MUFC

The ongoing saga of the Manchester United sale remains decidedly unresolved, but the Premier League club has posted another set of bullish financial results — and is projecting even brighter days in the future.

As both British billionaire Jim Ratcliffe and Qatar’s Sheikh Jassim bin Hamad Al-Thani continue competing efforts to buy the club, it posted $217 million in fiscal third-quarter revenue, up by 11.3% from the same period a year ago. Adjusted earnings for the period ended March 31 nearly doubled to $51 million, and the net loss narrowed by 79.8% to $7.1 million.

Manchester United sold 2.4 million tickets during the 2022-23 season, beating a club record set six years ago.

Reflecting a broader economic recovery in European soccer, the club also raised its fiscal 2023 outlook to a record revenue level between $800 million and $815 million.

In a call with analysts, club officials offered no clues on the sale process, instead focusing on core business functions, particularly during the current U.K. cost-of-living crisis.

“We see strong tailwinds to the value of global TV rights of the Premier league and UEFA competition, and a competitive sponsorship market with many new market entrants looking to build and strengthen their brand through association with leading sports brands such as ours,” said Manchester United CEO Richard Arnold.

The U.S.-based Glazer family, the club’s current owners who also own the Tampa Bay Buccaneers, have been the subject of repeated fan protests, and Manchester United’s last Premier League title arrived a decade ago.

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