Manchester United announce 16.5% increase in turnover for first quarter of financial year
The Red Devils have seen a substantial rise in funds coming in the club through new avenues such as their training kit deal with DHL, reducing the level of gross debt to £433.2m.
Manchester United have announced an increase in the club's turnover of 16.5% for the first quarter of the financial year, with turnover rising by £10.5 million to a total of £73.8m for the period which ended on September 30.
The greatest rise was in the Red Devils' commercial turnover, which increased by 22.3% to £29.6m. That was mainly down to the £40m training kit sponsorship deal the club penned with DHL.
Their matchday income also saw a healthy 9.6% rise, taking it to £21.6m, while media revenues came in at £22.6m.
The rise in turnover has led to the club’s debt reducing by £83.5m, to leave a new current gross debt level of £433.2m.
United's commercial director Richard Arnold revealed last month that the club were already looking at ways of progressing even further in the future.
He commented: "A lot of hard work has gone into getting to the position we are in now and we are already looking to the future."
source: http://www.goal.com/en-gb/news/2896/premier-league/2011/11/15/2758304/manchester-united-announce-165-increase-in-turnover-for
United losing reserves
MANCHESTER UNITED'S cash reserves have dropped by £87million and the club is still more than £400m in debt.
Yesterday's figures for the three months from July to the end of September showed the club's reserves had fallen from £151.7m to £65m compared to the same time last year.The club debt has actually fallen over the last year from £516.7m but it remains at £433.2m.
The fall in cash reserves comes mainly from £47.1million spent on players.
Other big expenditure has come with the owners buying back £23.1m of bonds they issued to ease the debt.
In the six years the Glazers have owned United, more than £400m has been spent servicing the debt they saddled the club with when they bought it.
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