Man United report $7.7M net profit in latest results

By AP News

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Manchester United as reported a net profit of 6.3 million pounds in its second quarterly fiscal results

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MANCHESTER, England (AP) — Manchester United reported a net profit of 6.3 million pounds ($7.77 million) in its second quarterly fiscal results on Thursday.

The English Premier League club, which is subject to takeover bids, released its key financial figures for the three months ending Dec. 31, 2022.

United's total revenue was 167.3 million pounds, down 9.8% year-on-year.

While the club's commercial revenues of 78.7 million pounds were up by 22.2% year-on-year, it reported decreases in broadcasting and matchday revenues.

Broadcasting was 58.7 million pounds, which a decrease of 32.1%.

Matchday revenues totaled 29.9 million pounds, down by 13.6%.

United said broadcasting revenues were down “primarily due to the men’s first team participating in the UEFA Europa League compared to the UEFA Champions League in the prior year.”

Matchday revenue was down due to playing two less home games than in the previous period.

United's non-current borrowings of $650 million remained unchanged year-on-year, but the difference in the British-U.S. exchange rate had an impact on that debt when converted to pounds sterling.

The exchange rate went from 1.3486 at Dec. 31 2021 to 1.2040 at Dec. 31 2022, meaning United’s debt in pounds sterling rose from 477.1 million pounds to 535.7 million pounds compared year-on-year.

United's owner, the Glazer family, announced in November it was exploring “strategic alternatives,” which included a potential sale of the 20-times English champion.

Based on the publicly declared bids, the frontrunners were Qatari banker Sheikh Jassim bin Hamad Al Thani and local boy-turned-billionaire Jim Ratcliffe.

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James Robson is at https://twitter.com/jamesalanrobson

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More AP soccer: https://apnews.com/hub/soccer and https://twitter.com/AP_Sports

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Author: AP News

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