Huge boost in revenue for Manchester United as latest financial results are revealed
The club, owned by the American Glazer family, on Wednesday posted a loss of £15.5million for the three months ended September 30.
Manchester United Plc's first-quarter loss narrowed as the end of Covid-19 curbs in England allowed fans to return to Old Trafford at full capacity, offsetting a rise in salaries since the return of Cristiano Ronaldo in August.
The club, owned by the American Glazer family, on Wednesday posted a loss of £15.5million for the three months ended September 30, compared with a loss of £30.3million in the same period a year ago when Covid-19 disrupted sporting calendars and shuttered stadiums.
With the stadium, commonly known as the Theatre of Dreams, now able to welcome back tens of thousands of fans, matchday revenues jumped to £18.8million compared with £1.7million a year ago.
While the nature of the ongoing pandemic may result in UK government restrictions being re-imposed in the future, the majority of such restrictions were lifted before the start of the 2021/22 season, with Old Trafford welcoming back fans at full capacity, the club said.
United, who signed five-time Ballon d'Or winner Ronaldo from Italy's Juventus in August, and also recruited World Cup winner Raphael Varane and England winger Jadon Sancho over the summer said employee benefit expenses rose 23% to £88.5million.
Revenues from retail, merchandise, apparel and product licensing jumped 21%, boosted by its new player signings and more home games being played, it said.