Manchester United continues to show signs of bowing to public pressure and inching toward a sale.
The Premier League club’s board opted not to distribute a dividend for fiscal 2023, breaking a practice that it began in 2016.
- Manchester United earned $176.7 million in the third quarter, up 13.6% year-over-year.
- While broadcasting revenue dipped, the team got a strong boost from its commercial revenue, which grew 35.7% to $107.5 million.
- Man U still took a $32.6 million loss in the quarter.
The team distributed dividends totaling $41.3 million in the 2021-22 season, a move that drew criticism given that Man U lost $142 million in that period. During that time, the team also took on more debt through $49.2 million in overdraft loans.
It maintained $650 million in long-term loans and other non-current borrowings.
The Glazer family is exploring a sale of the team and has retained the Raine Group, who helped manage the Chelsea sale. Forbes recently valued the club at $4.6 billion – first in the Premier League and third globally.
World Cup Boost
Manchester United sent 15 players to the World Cup in Qatar, 12 of whom were still in the tournament heading into the quarterfinals.
That will help the club land a healthy share of the $209 million FIFA will pay out to clubs whose players feature in the global tournament. Teams receive $10,000 per player daily for every day a player remains in competition.