United revenues leap but missing Champions League will hurt

DESPITE a disappointing and turbulent year for Manchester United on the pitch, the club continued to be a winner off the pitch as third quarter revenues surged 26% from £91.7m to £115.5m.

Revenues so far this year, in the nine months to March 31 are up 21.1% on 2013 to £336.9m and adjusted EBITDA up a more impressive 23.7% at £113.2m.

The biggest driver of the quarterly revenue growth was broadcast income, which was up more than 60% thanks to the start of the latest Premier League deal with Sky and BT.

Gross debt was down 4.3% at £351.7m, the club said.

Executive vice chairman Ed Woodward said the focus was on returning the club to on-the-field success.

Having won the Premier League at a canter in 2013 – finishing 11 points ahead of second-place Manchester City – United finished the season last weekend in seventh place and will miss at least £30m next season having failed to qualify for UEFA’s Champion’s League competition.

Having axed manager David Moyes in April after just 10 months in the job, United are expected to appoint experienced Dutch coach Louis van Gaal next week.
 
Mr Woodward said: “We once again generated record revenues and EBITDA as all of our businesses delivered impressive year over year growth.

“This puts us in a healthy financial position to continue to invest in the squad. Everyone at the Club is working hard to ensure the team is back challenging for the title and trophies next season.”