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MU's revenue rises at start of Moyes era
Manchester Unitedâs revenue rose almost 30 percent as the Premier League champions benefit from their global appeal and the soaring value of television rights
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anchester United's revenue rose almost 30 percent as thePremier League champions benefit from their global appeal and the soaring valueof television rights.
The financial results released Thursday by the club, which is listed on the New York Stock Exchange, showed little change off the field at the start of David Moyes' reign as manager after replacing Alex Ferguson.
Although United is fifth in the Premier League, the team beat Arsenal last weekend to close the gap on the leaders to five points and leads its Champions League group.
In the three months to Sept. 30, United generated a record £98.5 million ($158 million) ' up 29 percent year-on-year ' with sponsorship revenue alone soaring by 63 percent as 12 new deals kicked in during the first quarter.
The club said it remains on course to make between £420 million ($673 million) and £430 million ($689 million) in 2013-14 if it finishes at least third in the league and reaches the quarterfinals of the Champions League and the domestic cups.
But there was a loss of £293,000 ($469,000) after the club ' owned by the Glazer family ' made a profit of £20.5 million ($33 million) in the first quarter in 2012-13.
The gross debt that hit £716.5 million (then $1.1 billion) in 2008-09 now stands at £361 million ($579 million) and the finance costs dropped 21 percent to just below £10 million ($16 million).
