October 27 – Manchester United have reported record revenue of £648.4 million for the 2022/23 financial year, but posted a loss of £42 million, slashing its net loss by 75% year-on-year.
Revenue grew by 11% on the back of new sponsorship agreements – long-term deals with Adidas and new shirt sponsor Snapdragon that will bring in close to £160 million annually. Broadcast revenue decreased by 2% with the club missing out on the Champions League. Strikingly, Manchester United no longer have the biggest wage bill in the league, reduced by £52.8 million to £331.4 million.
United reported long-term debt at £507 million. The figure remains unchanged from the previous $650 million in the accounts, but the year-on-year change in the exchange rate explains the difference in sterling.
The report confirmed no dividends had been paid to the Glazer family who own the club.
The club projects revenue for the 2023-24 year will grow to £680 million.
Recent months have seen speculation over a change in ownership at Manchester United with Ineos principal Sir Jim Ratcliffe reportedly close to securing a 25% stake in the club. It is understood that Qatari businessman Sheikh Jassim withdrew his interest in a full takeover earlier this month. But it means that the Glazer family, who remain deeply unpopular with United’s fanbase, will stay in power at Old Trafford.
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