Manchester United cuts debts and increases revenue
MANCHESTER United has reduced its debt pile and reported a jump in turnover.
Figures released by the club show revenue grew by 13.5% to £219.3m in the nine months to March 31.
Underlying pre-tax profits jumped from £3.9m to £26m but overall the club saw losses widen from £29.3m to £66.5m after taking into account hefty finance charges.
Although privately-owned by the Glazer family the club now has to issue figures every quarter as a condition of its £500m bond issue in January. The results can be found at MU Finance Plc’ website, www.mufplc.co.uk.
They show that the club has cut its debt pile by £23m to £520.9m and increased income from ticket sales, commercial revenue and television rights.
The Glazer family have once again insisted the club is not for sale, telling journalists they will, “not entertain any offers”.
A group of wealthy businessmen, known as the Red knights, have stated their intention to the buy the club. The Glazers have also been approached by a Middle East-based consortium.
