In spite of a tricky campaign on the field, Manchester United reported record financial results with revenues reaching £627.1m, marking a 6.3% growth compared to 2018.
It means that results off the field for The Reds have continued to significantly outperform those on the pitch. United has made an uninspiring start to the 2019/20 season, already suffering defeats at the hands of both Crystal Palace and West Ham United.
As ever, the financial results bring a plethora of talking points to the fore, not least that they underline the importance of Champions League football, with the club’s broadcasting revenue for the year increasing £37.0 million, or 18.1%, from the previous year to £241.2 million.
It means United are more likely to feel the wrath of not qualifying for Europe’s top competition, when the club releases its results this time next year. It will strengthen a sentiment echoed by executive vice-chairman, Ed Woodward in the update, when he emphasised that the club remains focused on its “plan of rebuilding the team”.
Woodward added: “We remain focused on our plan of rebuilding the team and continuing to strengthen our youth system, in line with the philosophy of the club and the manager.
“This is reflected in the recent addition of three exciting first-team players, key player contract extensions and the talent we have coming through our academy. Everyone at Manchester United is committed to delivering on our primary objective of winning trophies.”
Offering an update to the club’s investors, The Reds also underlined that engagement with the team has grown this summer as the club was linked with a wide variety of players, something which has been attributed to the growing success of the club’s digital platforms, which continues to be a strong focus for the club with MUTV and the official app.
Sponsorship revenue at the club also spiked, as the club expanded with ten new partners throughout the season, these included, a collaboration with Konami, a new deal with the Maltese Government and a new betting partner. It led to the club’s debt falling to its lowest levels since the controversial takeover of the Glazer family in 2005, with the club now owing £204million.
The quest for United to once again win silverware, continues this evening as the Rochdale head to Old Trafford for the third round of the League Cup, a trophy that United last won under the tenure of Jose Mourinho and have previously won 13 times.