Manchester United’s latest financial figures were discussed on Tuesday by Executive vice-chairman Ed Woodward and overall the picture of one of the wealthiest clubs on the planet was very rosey.
They recorded a record revenue of $777 million for the year ending 30 June 2018, with a profit of around $58 million.
But one number stood out: United’s net debt has risen by over $280 million in the past 12 months due to tax reforms in the United States of America.
With United owned by the U.S. based Glazer Family and listed on the New York Stock Exchange, those tax reforms seem to have hit the Red Devils particularly hard over the past 12 months.
On the pitch, Woodward seemed impressed with the way Jose Mourinho and his players have been performing and maintained his support for their manager.
“Everyone at the club is working tirelessly to add to Manchester United’s 66 and Jose’s 25 trophies. That is what our passionate fans and our history demands,” Woodward said. “We are committed to our philosophy of blending top academy graduates with world class players and are proud that, once again, last season we had more academy graduate minutes on the pitch than any other Premier League club.”
Some of the other big takeaways from Woodward’s financial update include:
- United paid wages of $389.3 million in 2017/18 – an increase of $42.6m, or 12.3%, on previous year
- For year ending 30 June 2018 – record revenue of $777 million, with operating profit of $58m
- Expect revenue to rise to a record $809-829 million in 2019