Manchester United is out of debt as it continues the process of potentially selling the team.
Manchester United PLC reported its earnings for the fiscal second quarter of 2023, revealing that the club turned $7.8 million net profit for the three-month period ending Dec. 31, 2022 — a noticeable improvement from a $1.7 million loss for the same period in 2021.
The iconic club reported a 22.2% year-over-year increase in commercial revenue to $97.5 million — but posted $72.7 million in broadcasting revenue and $37 million in matchday revenue, a 32.1% and 13.6% year-over-year decrease, respectively.
It was able to turn a profit, however, from decreased costs due to lower wages: $207.6 million in operating expenses compared to $222.6 million the year prior.
Much of the revenue was driven by strong ticket sales, as the 2.3 million Man United has sold cumulatively in the 2022-23 season has surpassed its previous record set in 2016-17.
It helps that the club has been competitive this season: It won the Carabao Cup in February, will face Brighton in the FA Cup semi-finals in April, and currently sits third in the Premier League table.
Meanwhile, the Glazer family is in the process of selling the club.
The most recent bids from finalists Qatar’s Sheikh Jassim bin Hamad Al Thani, British billionaire Jim Ratcliffe, and Finnish entrepreneur Thomas Zilliacus reportedly fell short of the Glazers’ asking price — but there is still optimism for an eventual deal.
