Manchester United sees profits shrinking after record deal

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Manchester United saw profits all but wiped out in the first quarter after the club missed out on Champions League qualification and splashed out a world record £89 million on Paul Pogba. 

Pre-tax profits dived from £5.2 million to just £258,000 on revenues of £120 million, down from £123 million the year before. 

Broadcast revenues at the club rose 5% to £29.1 million even without the Champions League TV income as it cashed in on the huge bidding war over the rights to screen the Premier League.

Executive vice-chairman Ed Woodward said the results reflected missing out on the Champions League.

He said: “While our financial results for this quarter reflect the impact of our non-participation in the UEFA Champions League, we are pleased that we remain on track to deliver record revenues for the coming year. During the quarter we added a number of top quality players to our squad, which once again demonstrates our determination to challenge for trophies.” 

The club also got a tax credit for the quarter of £900,000, compared to an expense of £200,000 in the prior year quarter.

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November 18, 2016 |
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