Manchester United just announced that they earned a total revenue of £515.3 million for the year ending June 30, 2016. That is $683.5 million dollars, in-case you were wondering.
The Manchester based soccer club have taken a record profit of £68m and in the process have become the first UK club to earn over half a billion pounds in a single year. However, that figure is short of the £570m in annual revenue that Barcelona announced in July.
United are also on target for record revenues again this year, despite failing to qualify for the Champions League, the big rise in broadcasting income from CL would definitely have helped.
Taken during the Premier League match between Manchester United and Manchester City at Old Trafford on September 10, 2016 in Manchester, England.
United, has agreed to a 10-year £750m ($1.28 billion) contract with adidas, the biggest deal in sports-licensing history, in 2014, have a net debt that is £260.9m, but commercial revenue has soared to £268.3m, which is an increase of 36.3% over the prior year.
The accounts showed that sacking Louis van Gaal and his coaching staff cost United £8.4m in severance compensation.
United’s wage bill was up to £232.2m, with there being a rise in player salaries due to Champions League participation.
They also had to write off £6.7m as an asset because Bastian Schweinsteiger is “no longer considered to be a member of the first-team squad.”
In a season when they won the FA Cup, United also saw matchday and TV revenue rise and signed 14 sponsorship deals.
Woodward had previously been reported as saying: “Our record Fiscal 2016 financial performance reflects the continued underlying strength of the business and the club is on target to achieve record revenues in 2017, even without a contribution from the Champions League.”
“This strong financial performance has enabled us to invest in our squad, team management and facilities to position us to challenge for, and win, trophies in the coming years.”
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