You’ve got to speculate to accumulate.
Manchester United knows all about that.
Broadcast revenues were up 40.8 percent in the final three month of 2016, while matchday revenues were up 27 percent and their operating profit for the three months to December 31 were up 15 percent to $47.1 million. Overall turnover increased by 18 percent in the same time period and came in at $197.8 million. United also expect to record annual revenue levels of over $676 million.
Despite all of that good news the net debt also rose by 27 percent as it now stands at $513 million.
Chief Executive Ed Woodward blamed the rise in debt for the weak pound against the US dollar, while he also revealed the Red Devils are on course to break even more records.
“The robustness of our business model continues to be reflected in our strong quarterly financial results and we remain on track to deliver record revenues for the year,” Woodward said.
Last month United were listed by Forbes as the biggest revenue making sports team on the planet based on the 2015-16 season, bringing in $774 million.
Imagine how much more profitable they’d be if they actually got back into the UEFA Champions League (they’ve missed out on the UCL in two of the last three seasons) and were serious contenders for the Premier League title…