Manchester United broke revenue record during run to 20th English title ROB HARRIS LONDON — THE ASSOCIATED PRESS Last updated Wednesday, Sep. 18 2013, 9:27 AM EDT Manchester United is projecting it will generate more than $680-million this season after breaking its revenue record while winning a 20th English title. United pointed to the enduring success of its commercial operation in helping to maintain the club as a force on and off the pitch, as it faces the challenge of David Moyes replacing Alex Ferguson after more than 26 years as manager. Owned by the American-based Glazer family, United reported revenue rising by 13 per cent to 363.2 million pounds ($578-million) in the year to June 30. The club expects it to soar to between 420 million pounds ($669-million) and 430 million pounds ($686-million) in 2013-14. United reported a net profit of 17.2 million pounds ($27-million) from 4.5 million pounds ($7-million) the year before, while the cash balance rose by a third to 94.4 million pounds ($15- million), The gross debt has dropped by 11 per cent to 389.2 million pounds ($622-million), although the cost of serving those liabilities rose to 71 million pounds ($113-million) in the year. Executive vice chairman Ed Woodward said the club “delivered on our targets and objectives” during its first year listed on Wall Street. Commercial income alone grew by 30 per cent in the year to June 30 to 152.5 million pounds ($244-million) as 20 sponsorship deals were announced. “Our commercial business continues to be a very powerful engine of growth enabling the team to continue to be successful,” Woodward said in a statement. “We won our 20th English League title last season and are delighted to have David Moyes lead our football team into a new and exciting chapter.”
Posted on: Wed, 18 Sep 2013 13:54:30 +0000
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