Manchester United’s Revenue Soars
Manchester United has reported a 29% rise in revenue for the first three months of its financial year, posting total revenue of £98.5m.
The record amount is due to both a 63% increase in sponsorship deals as well increased takings from TV and media deals. The club’s shares were up 2.4% on New York’s Nasdaq stock exchange following the announcement of the results.
The rise of staff costs by 31% to £52.9m was offset by an array of lucrative sponsorships with 12 signed during the financial period including partnerships with PepsiCo and the Russian airline Aeroflot.
The club also posted a 41% increase in broadcasting revenue to £19.3m as well as bringing in £10.7m from licensed clothing and merchandise. The club’s executive vice-chairman Ed Woodward also welcomed the recent news that BT Sport had paid close to £900m for exclusive coverage of the Champions League and Europa League.
Woodward said: ‘This deal represents a meaningful increase over the current arrangement, which should translate into higher broadcasting revenue for the participating clubs.’
Woodward added: ‘We are pleased to have achieved another record first quarter, driven by the strength of our commercial business and increased broadcasting revenues. Our unique approach to the commercial business will continue to drive future growth. ‘
