man UTD Financial Results Reveal £1bn Debt
Manchester United has recorded a net profit for the first time since the COVID-19 pandemic but the Premier League club’s money owed remains close to £1bn.
The club’s quarterly accounts for the three months ending December 2022, released on Thursday, reveal it posted a £6.3m net profit, even though total revenue fell when compared to the same period a year earlier.
Revenue for the quarter was down 10% compared to the same period last season, which has been primarily put down to playing in the Europa League instead of the Champions League.
The club saw its debt rise by £58m in the 12 months from the end of 2021 to the end of 2022, meaning that United owe £969m through a mixture of gross debt, its revolving credit facility and outstanding transfer payments.
However, commercial revenue did increase by 22% to just under £79m but broadcasting and matchday revenue both fell due to the lack of Champions League football.
The latest financial statement and debt figures come against the backdrop of a potential takeover at Old Trafford. Sheikh Jassim bin Hamad al-Thani and Sir Jim Ratcliffe are the two leading bidders, but Finnish businessman Thomas Zilliacus is also eyeing one the world’s biggest football’s clubs.
Last week, all three of the parties lodged revised bids for the club.
