Manchester United have announced record revenue for the financial quarter during which Sir Jim Ratcliffe purchased a 28% stake in the club.
Ratcliffe’s INEOS group’s investment in Man Utd was completed in February. INEOS have already laid out their plans for their investment, making sweeping changes on the footballing side through the hiring of Omar Berrada as the new CEO, and planning for significant improvements to Old Trafford.
Man Utd have now released their first quarterly fiscal results since Ratcliffe’s investment – their second of 2023/24 overall, covering three months until 31 December 2023 – announcing that a record revenue amount of £225.8m that was “driven primarily by UEFA Champions League participation benefit and continued strong matchday momentum with record attendance for all teams.”
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Despite their unsuccessful Champions League campaign – in which they finished bottom of their group – the Red Devils saw broadcasting revenue rise by 81% and matchday revenue rise by 59.2%.
Record revenue figures have also been achieved despite an 8.8% dip in commercial revenue in comparison to the same three month period the year prior.
United made £648.4m in 2022/23, a record sum for the club over the course of a full year, yet still endured losses of £42.1m. The latest figures show wages have climbed to £479m, although £156m has come in from an investment from Ratcliffe and the Glazer family have not taken a divident out.
One of the key changes Ratcliffe reportedly wants to make is to the playing staff’s pay structure. The new owner is keen to follow Manchester City’s bonus-led style in order to keep basic salaries lower.
In a statement, Manchester United’s CFO Cliff Baty gave his thoughts on the results, stating: “We delivered strong revenues during the first half of the fiscal year and have reiterated our guidance for record revenues for the full fiscal year.
“This is an exciting time at Manchester United following the completion of Sir Jim Ratcliffe’s investment, and we are all focused on working together with our new co-owners to drive the club forward and deliver success on the pitch.”
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