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."
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.