• Sports - Football - Transfers
  • Updated: March 30, 2023

Man Utd Announces Net Profit Of £6.3 Million Amidst Takeover Bids

Man Utd Announces Net Profit Of £6.3 Million Amidst Takeove

Man Utd Stadium

On Thursday, Manchester United announced its Q2 2022 financial results, revealing a net profit of £6.3m ($7.78m) for the three months ending on December 31, 2021.

The result marks a significant improvement compared to the same period the previous year, during which the club recorded a £1.4m loss.

The club attributed its Q2 2022 profit to increased commercial revenue and lower wages.

However, the revenue for the quarter dropped almost 10% to £167m, with a decline in broadcasting revenue and lower match-day revenue due to fewer home games than in the previous year offsetting the growth in commercial revenue.

Manchester United's American owners, the Glazer family, have been involved in a formal sale process for the club since last year and have received several bids from interested parties, including Sheikh Jassim Bin Hamad Al Thani, British billionaire Jim Ratcliffe, and Finnish businessman Thomas Zilliacus. However, no information was provided regarding the sale process in the recent financial statement.

The club also reported that ticket sales for the 2022/23 season had exceeded the record set in 2016/17, with a cumulative total of 2.3 million tickets sold.

Adult season ticket renewals for next season will also see a 5% increase in prices, the club said.

Despite the fluctuating revenue, Manchester United remains confident about its annual revenue and core profit forecasts, which have not been revised.

The club is currently sitting third in the Premier League and has reached the semifinals of the FA Cup and quarterfinals of the Europa League, following its victory in the Carabao Cup in February.

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