Football Football

Man United post profit but debt also increases

Manchester United have have announced an operating profit of Sh 4.8 billion(£37.6m) in the club’s quarterly figures.PHOTO/courtesy

LONDON, United Kingdom, Feb 9 – Manchester United have announced an operating profit of Sh4.8 billion (£37.6m) in the club’s quarterly figures – which also reveal a big increase in its overall debt.

United saw increases in television revenue, up 40.8 per cent at Sh6.8 billion (£52.5m), and matchday revenues are up 27 per cent at Sh5 billion (£38.6m). As a result of these two factors, overall turnover was up 18 per cent at Sh20.5 billion shillings (£157.9m).

Staff costs have however gone up 14 per cent, largely due to the arrival of Jose Mourinho, Zlatan Ibrahimovic, Paul Pogba and Henrikh Mkhitaryan.

And there was a significant increase in the club’s net debt, as of 31 December 2016. The figure stands at £409.3m, an increase of £87.2m – or 27 per cent – over the year.

The club puts the increase down to the weak pound against the dollar.

Executive vice-chairman Ed Woodward said: “We are pleased to be competing for the first available trophy of the season when we travel to Wembley to face Southampton in the EFL Cup final this month.

“The robustness of our business model continues to be reflected in our strong quarterly financial results and we remain on track to deliver record revenues for the year.”

One intriguing difference between this quarter and the last is the presence in the credit accounts of Bastian Schweinsteiger. The German was effectively written out of the last set whilst he was out of the first team picture.

But the club now says he is “re-established as a member of the first team playing squad,” and it values him at £4.8m.

-By Sky Sports-