Manchester United have reported Premier League record revenue of £648.4m for the year ending 30 June. The figure is 11% up on the previous 12 months and beats the league record set by United in 2019, but the club still reported a loss of £42.1m.
The record earnings come despite United being in the Europa League, rather than the more lucrative Champions League, last season. The club predicted revenue for the 2023-24 period will be between £650m and £680m.
The announcement comes with the founder of the Ineos chemicals company, Sir Jim Ratcliffe, close to securing a 25% stake in the club.
United’s wage bill for the period was down £52.8m to £331.4m, which the club attributed to squad turnover and their absence from last season’s Champions League. The report confirmed no dividends had been paid to the Glazer family who own the club.
The Glazers announced last November they had commissioned work to look at “strategic alternatives” to help the club grow, which included consideration of a sale. It now appears they will remain in control, with Ratcliffe reported to be taking control over football operations.
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United reported long-term debt at £507.3m. The figure was given as $650m in the accounts – unchanged from the previous year – but the report said the year-on-year change in the exchange rate meant the figure in sterling was lower this year compared with last.