Man U Nets £581.2 Million to Defray Debt

Jose Mourinho and Ed Woodward - MUFC Manager and Club Vice Chairman
Jose Mourinho and Ed Woodward - MUFC Manager and Club Vice Chairman

Three trophies and a return to the Champions League helped the Red Devils reduce the debt in Jose Mourinho’s first season with the first team.

Manchester United has announced record revenues of £581.2 million for the 2016-17 financial year.

United won the EFL Cup and the Europa League during the first season of Jose Mourinho and invested in such stars as Paul Pogba, Zlatan Ibrahimovic and Henrikh Mkhitaryan that saw staff costs rose from £31.3m to £263.5m – an increase of 13.5 per cent.

Nevertheless, United turned in a £39.2million pre-tax profit, with net debt reduced by £47.8m or 18.3 per cent to £213.1m.

The figures, published by United in May, projected yearly revenues in the region of £560m-£570m against the revenue figure of £515.3m in the previous 12 months comfortably outstripped.

Ed Woodward, United Executive Vice-Chairman said: “We concluded a successful 2016-17 season with a total of three trophies [including the Community Shield] and a return to Champions League football.

“The year saw us set record revenues of over £581m and achieved a record EBITDA [Earnings before tax, depreciation and amortisation] of £199.8m. We are pleased with the investment in our squad and look forward to an exciting season.”

The impact of the Premier League’s £5.1bn domestic broadcasting deal with Sky and BT has boosted incomes across England’s top division and United’s broadcasting revenue was up 38.2 per cent on the previous season’s £140.4m to £194.1m.

Woodward added that the Old Trafford club’s revenue projects for 2017-18 are estimated to fall between £575m and £585m.