Manchester United chief Ed Woodward insists new signings will be priority after record revenue

By Colin Henrys

Champions Manchester United are hopeful of strengthening their playing squad after announcing they are on course to generate more than £350 million this season.

Despite a 25% rise in wage costs, the Red Devils revealed record turnover of £91.7 million in the three months to March 31, largely thanks to new commercial deals.

And executive vice-chairman Ed Woodward wants the money to be invested on the pitch in the summer while the club continue to grow off it.

“Our top priority is strengthening the squad to ensure we are best-positioned for successful runs in all the major competitions next season,” Business World reported him telling financial analysts.

“At the same time, we are focused on accelerating the pace of our commercial expansion.”

United, still owned by the American Glazer family, revealed the club have also reduced their debt by 16% in nine months, taking it to £376.6 million.

Last month multi-million pound sponsorship deals were announced with AON and Aeroflot, adding to the club having already trebled their year-on-year net profit to £3.6 million in the third quarter.

Woodward added: “United’s powerful commercial arm made a massive contribution to the results.

“Each of our three primary sectors – commercial, broadcasting and matchday – delivered strong top-line gains and helped us achieve a record third quarter for both revenue and adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation).”

The figures showed broadcast revenue increased by 21.7%, while matchday turnover was up 34%.

However, operating expenses also increased 18.6% year-on-year to £79 million.

Photo courtesy of Parrot of Doom, via Wikimedia Commons, with thanks.

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