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8 months ago
40 Manchester United have released their latest quarterly financial figures up to December 31, 2023, with a staggering revenue figure of £225.8million. Despite that, the club remains plunged in unwavering debt, with a catastrophic figure of £773.3million supplying the grimmest of shadows over Old Trafford.
As reported by the Manchester Evening News, much of the positives surrounding the hefty revenue figure are down to Erik ten Hag’s side’s previous place in the UEFA Champions League. Having endured an early exit from the competition, forthcoming financial figures are expected to be less attractive.
When analysing the year-on-year figures, the increase is attributed to competing in Europe’s premier cup competition. Net profit rose to £20.4million for the quarter, while matchday revenues and broadcasting incomings were also up, with figures increasing to 59.2% and 81%. Overall, the club enjoys a revenue increase of 34.9%, once again highlighting the advantages of finishing above the Europa League places.
Additionally, the result includes the highly-publicised investment from Sir Jim Ratcliffe – while revealing the revolving credit facility in use. For those unaware, this facility is comparable to a company credit card and supplies an uncertain number of variables altered based on financial variables throughout the season.
The report goes on to clarify that the debt on this ‘credit card’ has again increased by more than £60 million year-on-year, with a figure of £266.8 million outstanding as of December 31. This is further evidence – if required – of the horrific damage being caused behind the scenes at the club.
The club also invested £9.6 million in fees for the highly-publicised strategic review. This was, of course, supervised by Raine and culminated in Ratcliffe’s INEOS investment in the club. The fee tackles everything from initial expenses incurred in completing the transaction to payments made to lawyers, accountants, and additional parties throughout.
Remember – Raine is still owed $31.5 million! That fee will be reflected in the third-quarter results. Following the release of the financial figures, United’s CFO, Cliff Baty, was keen to emphasise the importance of the quarter. “We delivered strong revenues during the first half of the fiscal year and have reiterated our guidance for record revenues for the full fiscal year,” he said.
“This is an exciting time at Manchester United following the completion of Sir Jim Ratcliffe’s investment, and we are all focused on working together with our new co-owners to drive the club forward and deliver success on the pitch.”
Let us know what you think about the figures and what you are expecting over the coming months.
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