Man Utd predicts higher annual revenue as sale process drags on
Oct 26 – Manchester United (MANU.N) on Thursday forecast higher revenues as the soccer club returned to the Champions League and reported smaller financial losses for the year to June, saying fans had thronged the Old Trafford stadium in record numbers.
The English Premier League club, whose future ownership remains uncertain as the Glazer family explore a potential sale, did not give any update on that process, which started nearly a year ago.
Media reports have suggested interest from British billionaire Jim Ratcliffe and from Qatar’s Sheikh Jassim bin Hamad al Thani.
The club, listed on the New York Stock Exchange, have seen their shares gain more than a third in value since the Glazers launched their strategic review. They were down 0.6% on Thursday in light U.S. premarket trading.
Under manager Erik ten Hag, the club bolstered their squad in the summer transfer window with new signings including Rasmus Hojlund from Atalanta, Mason Mount from Chelsea and Andre Onana from Inter Milan.
They bagged their first victory in this season’s European Champions League on Tuesday with a 1-0 home victory against Danish side Copenhagen, keeping hopes alive that they could still reach the 16-club knockout stage.
They currently sit eighth in the Premier League after winning their last two matches, and face local rivals and treble winners Manchester City on Sunday.
Manchester United expect revenue of between 650 million and 680 million pounds for the fiscal year to June 2024, compared with 648.4 million in 2022/23.
The club forecast adjusted core profit of between 140 million and 165 million pounds, compared with 155 million in 2022/23.
It saw expenses drop in fiscal 2023 owing to a drop in the wage bill as the men did not play in the Champions League.
For the quarter ended June 30, Manchester United reported a net loss of nearly 3 million pounds ($3.50 million), compared with a loss of 71 million pounds a year earlier.
Annual net losses narrowed by 75% to 29 million pounds.
($1 = 0.8281 pounds)
Reporting by Yadarisa Shabong in Bengaluru; Editing by Shounak Dasgupta and Kevin Liffey
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