Manchester United debt up five per cent to £366.3million in latest figures announced today
MANCHESTER UNITED’S debt has risen by five per cent in the latest quarterly figures announced today.
United’s total net debt grew to £366.3million over the last three months, up almost £12m, as the club’s finances continued to be affected by the weak pound against the dollar.
Manchester United have reported a five per cent increase in their debtReuters
But the club have reported better numbers in terms of revenue and have raised their forecast to investors by £3om for the year.
They believe United are on course to report record revenue of £560m-£570 at the end of their financial year in three months.
Ed Woodward, Executive Vice Chairman, said, “As we near the end of the season, I am delighted we have picked up two trophies so far, and look forward to competing for a third in the Europa League final, the only trophy we have never won.
“We are forecasting better full year financial performance than expected and as such have raised our revenue and profit guidance for the year.
Manchester United are predicting record revenues this yearGetty Images
“We look forward to a strong finish to 2016-17, both on and off the pitch.”
United’s overall debt is linked to the amount the Glazer family borrowed against the club when they took charge at Old Trafford in 2005.
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And as the British currency still struggles to recover against the dollar, the debt continues to appear at an inflated level.
The accounts released cover all figures in the three month period up until March 31 this year.
Executive vice-chairman Ed Woodward believes United are in good shape after reporting their latest figuresGetty Images
They show over the past nine months, the operating profit/loss of the club has reduced by 39.2 per cent to £39.7m.
But total revenues have increased by 6.4 per cent over that period to £405m, with the club predicting record figures in that area by year end.
Broadcasting revenue has been a key factor in the improved financial performance, earning United £31.4 in 2017 so far, an increase of 12.9 per cent on the same period last year.
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