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Manchester United’s next third revenue fell 20 % due to fewer games, but the world’s most valuable sports league expects record profits for 2024.
Photo by Shaun Botterill/Getty Images
Manchester United released third-quarter economic findings on Wednesday, which showed profit was down 20 % for the three months ending March 31 as the team played fewer game than the previous month. However, the 20-time English champions anticipate record revenue of £660 million for the entire year ( 845 million based on current exchange rates ).
Additionally, the financial transfer confirmed rumors that the team may reduce its workforce by about 250 employees as a result of layoffs.
Revenue was$ 175 million for the quarter, with a 26 % decline in broadcast revenue to$ 48 million and 41 % drop for matchday to$ 38 million with nine fewer matches. Business revenue was smooth at$ 89 million. United lost this season’s Champions League group stages and the third round of the Carabao Cup, and reaching the Europa League semifinals and clinching the Carabao name in 2023.
The operating loss for the period was$ 85 million. The company also reports an adjusted EBITDA, which was$ 17.5 million. Bill remained unchanged from the previous third at$ 650 million.
After losing in the Champions League group phase, the team changed its economic guidance, saying that full-year revenue and EBITDA would be at the top end of those expectations, including around$ 179 million in adjusted EBITDA.
For the 2024-2025 season, Man United raised general admission season ticket prices by 5 %, and the second-lowest churn rate ever was at 4 %. United’s home kit for the upcoming winter was unveiled last year, with Snapdragon appearing on the front of the jersey.
United’s stock is up 14 % from its April lows, but at$ 16.50, it still trades for half of the$ 33 per share Jim Ratcliffe paid for 25 % of the team’s common shares when he closed his minority purchase in February. Prior to the Glazer family’s announcement to look into” strategic alternatives” to selling the club in November 2022, shares were trading at$ 13.
United’s worst year since the EPL’s inception in 1992 saw United finish ninth place in the Premier League status. Despite the poor displaying, United however ranked atop Sportico’s yearly look at the world’s most valuable sports teams at$ 6.2 billion.
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