Join Now | 
HomeAboutContact UsPrivacy & SecurityAdvertise
Soccer America DailySpecial EditionAround The NetSoccer Business InsiderCollege Soccer ReporterYouth Soccer ReporterSoccer on TVSoccer America Classifieds
Paul Gardner: SoccerTalkSoccer America ConfidentialYouth Soccer InsiderWorld Cup Watch
RSS FeedsArchivesManage SubscriptionsSubscribe
Order Current IssueSubscribeManage My SubscriptionRenew My SubscriptionGift Subscription
My AccountJoin Now
Tournament CalendarCamps & AcademiesSoccer GlossaryClassifieds
Revenues down, net income up for Manchester United
ESPN.com, September 18th, 2012 8:24PM

MOST READ


Elimination from the group phase of the Champions League and failure to retain its Premier League title cost Manchester United a hefty share of revenue in the last quarter of the 2011-12 fiscal year, but a public offering and other income sources resulted in a net income rise.

United said in a financial statement it lost 14.9 million pounds ($24.2 million) last quarter. That's compared to a loss of 351,000 pounds ($570,000) in the year-ago period of the final fiscal quarter. Total revenue for that three-month period declined 25 percent. For the year, the company said net income rose by 79 percent in part because of tax credits. It also raised $110 million from its public offering despite a rather tepid response from investors, many of whom believe the Glazer family, which bought the club in 2005, has saddled it with excess debt.

The financials were the first released since it was listed on the New York Stock Exchange last month.

Increased commercial revenue and a jersey sponsorship deal with General Motors worth $559 million that starts with the 2014-15 season are the causes of a bright financial picture portrayed despite losses in match-day and broadcast revenue. A United spokesman told the Press Association: "The results are consistent with what we expected. We strongly believe the outstanding results in the commercial sector demonstrate the huge potential the club has, and the financial outlook is very positive."
 
Read the original story...


No comments yet.

Sign in to leave a comment. Don't have an account? Join Now




AUTHORS

ARCHIVES
FOLLOW SOCCERAMERICA

Recent Section 2 Around the Net
AC Milan Not for Sale, Owner Says     
AC Milan is not for sale, Finivest, the company controlled by Milan chairman Silvio Berlusconi, said ...
German Anger at Schalke for Considering Russia Invitation    
German politicians on Thursday criticized Bundesliga giant Schalke 04 for considering an invitation to Russia to ...
Report: Chelsea Backs Mourinho Anfield Decision    
Chelsea has given Jose Mourinho the green light to field a team at Liverpool on Sunday ...
PSG Eyes Second-Successive Ligue 1 Title     
Paris Saint-Germain could seal its second-successive Ligue 1 title without kicking a ball if second-place AS ...
Platini: No Clubs Banned From Europe Next Season    
In an interview, UEFA President Michel Platini said that no clubs found in breach of financial ...
Ancelotti: Real Can Beat Anyone     
Carlo Ancelotti proclaimed that Real Madrid has no one to fear following his team's 1-0 win ...
German Press Reacts to Bayern's UCL Loss    
Bayern Munich coach Pep Guardiola came in for some heavy criticism from the German media after ...
Reports: Messi Close to Barca Pay Raise    
According to reports in Spain, Lionel Messi is close to agreeing a contract extension with Barcelona ...
Scholes Named Man United Assistant Coach     
Paul Scholes on Wednesday was named as an assistant coach to interim Manchester United coach Ryan ...
FIFA Suspends Barca Transfer Sentence    
FIFA on Wednesday temporarily suspended the transfer ban handed to Barcelona for violating its rules regarding ...
>> Section 2 Around the Net Archives