Manchester United have made a record breaking £100+million profit this year, the first English club to do so.
Imagine what our great club could be doing if we didn’t then have to consider an £83.6million loss which we’ve been bundled with thanks to the ownership of the Glazers.
A few months ago Forbes magazine named United the most valuable sports franchise in the whole world, at £1.2 billion. The rest of the top 10 was, in order, Dallas Cowboys (£1 billion) then The New York Yankees, Washington Redskins, New England Patriots, Real Madrid, New York Giants, Arsenal, New York Jets and Houston Texans.
The mind boggles over what we could be achieving if not hampered by the restraints of the Glazers. I’m not just talking in terms of bringing in the best players from around the world, but how we could fund our youth development, the stadium, the training ground, and, very possibly, not rise the price of tickets practically every year.
We should be rich beyond our wildest dreams. But we’re not.
Anders Red has given a good summary:
1. Operating performance very good on cost side. Non-salary costs down by 15% despite only 7% fewer home games. Wage costs up 7%.
2. 8% fall in matchday income despite 3% ticket rise reflects weak corporate hospitality.
3. Media income up by 5.1%, from from £99.7m to £104.8m, which isn’t great in view of the new Champions League deal.
4. Reported profit before tax includes non-cash goodwill amortisation of £35.4m, one off finance costs of £40.7m. Clean number around £22m profit.
5. Commercial revenues increased 16.5% from £69.9m to £81.4m
6. The ability of the club to get non-staff costs down 15% is very impressive. Well run club with bad balance sheet.