Champions League exit hits United revenues
Manchester United yesterday unveiled a 3.3 per cent fall in revenues to £320.3 million for the financial year to end-June after the club’s early dismissal from the Champions League last season.
In the first figures since it floated on Wall Street last month, the club said without a £28m tax credit that boosted net profits 79 per cent to £23.3m it would have sunk into the red.
Manchester United floated at $14-a-share (£8.60), after pulling a flotation in Asia at the 11th hour, but the price has drifted since then. After yesterday’s announcement, the stock traded down another 2 per cent at $12.68. United’s failure to make the knockout stages of the Champions League meant that broadcasting revenues fell 11.3 per cent to £104m.
The club’s borrowings, which have been an issue of concern for fans and investors, fell during the year from £459m to £437m.
United, owned by the American Glazer family, said sponsorship revenue rose nearly 15 per cent to £63m.
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