Salem Radio Network News Tuesday, September 27, 2022

Business

Man United set financial goals for year after quarterly loss narrows

(Reuters) -Manchester United reinstated an annual financial forecast for the first time since the pandemic on Thursday, after losses in the fourth quarter narrowed thanks to increased ticket sales.

Annual revenue at the club, controlled by the American Glazer family and listed in New York, rose 18% to 583 million pounds ($658 million) in the year to the end of June.

Net debt, a bone of contention for the fan base, grew nearly 23% to 514.9 million pounds, hurt by a weaker sterling.

The 20-time English champions have seen several changes this year, including welcoming CEO Richard Arnold, who effectively replaced Executive Vice-chairman Ed Woodward.

“While there is a lot more work to do, everyone at the club is aligned on a clear strategy to deliver sustained success on the pitch and a sustainable economic model off it, to the mutual benefit of fans, shareholders, and other stakeholders,” Arnold said in a statement.

The club forecast total revenue for the 2022-23 period to be between 580 million and 600 million pounds and is targeting adjusted core profit between 100 million to 110 million pounds.

That is despite the team’s failure to qualify for the elite European Champions League this season.

The English Premier League soccer club reported a net loss of 70.7 million pounds for the three months to June 30, compared with a loss of 107.7 million pounds a year earlier.

The men’s team has a new manager, Dutchman Erik ten Hag, who this season became the fifth permanent team manager since Alex Ferguson ended his 26-year reign in 2013.

($1 = 0.8855 pounds)

(Reporting by Yadarisa Shabong and Chris Peters in BengaluruEditing by Keith Weir and Toby Chopra)

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