According to CBS' Jacobs, Premier League giants
Manchester United Football Club
The soccer club expects to achieve a historic revenue breakthrough of £660 million in the current financial year. This figure is in line with the club's previously announced revenue guidance range of £635 million to £665 million. United also expects adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) to be around £140 million in fiscal year 2024.
However, in order to optimize operating costs, Manchester United FC confirmed that it will lay off about 250 employees. In the financial report, Manchester United also revealed various revenue figures for the quarter. Commercial revenue was £69.6 million, a slight increase of £200,000 from the same period last year, while broadcasting revenue was £37.5 million, a decrease of £13.2 million year-on-year. Amortization for the quarter was £46.3 million, an increase of £3.4 million year-on-year, which was largely due to investment in the first-team squad.
In terms of enhancing the fan experience, United plans to expand some of the stadium's seating, refurbish the food and beverage pavilions, upgrade the hotel suites, and carry out a major refurbishment of its training base, Carrington. In addition, United celebrated record-breaking achievements in attendance and matchday revenue, with more than 433,000 memberships sold for the 2023-2024 season.
On the financing front, Manchester United reported that the club raised £158.5 million through a share issue as a result of its deal with billionaire Sir Jim Ratcliffe, which was partly used to repay the £120 million revolving credit facility, resulting in an increase of £38.4 million in net cash inflow from financing. As of March 31, 2024, United's principal debt remained unchanged at £507.5 million, with a revolving credit line of £143 million, down from £203.7 million a year earlier.
This series of financial developments and strategic moves by Manchester United demonstrates the club's dedication to pursuing financial health and enhancing the fan experience, as well as reflecting its ability to adapt and adjust to the ever-changing soccer market. As the new season approaches, fans expect United to match its success on the pitch as well.
