Manchester United's Financial Rebound: Core Profits to Hit Pre-COVID Levels Despite Premier League Struggles
Source: news.source.channelnewsasia
Manchester United announced an optimistic forecast for their annual core profit, expecting it to return to pre-COVID levels, driven by a strong performance in the Europa League. Despite a disappointing Premier League season and missing out on European competitions next year, the club's ticket sales and broadcast revenue have significantly increased. CEO Omar Berrada acknowledged the poor league performance but expressed a commitment to improvement. Shareholder Jim Ratcliffe is implementing measures to boost the club's financial health.
Key Points
Manchester United's annual core profit is expected to increase by 21% to 28%, reaching 180 million to 190 million pounds.
The club's strong run in the Europa League, despite losing the final to Tottenham Hotspur, boosted ticket sales by over 50% to 44.5 million pounds.
The club experienced its worst Premier League season since 1974, leading to no European competition participation next season.
CEO Omar Berrada emphasized the need for improvement in the upcoming season.
Jim Ratcliffe, a significant shareholder, is taking steps to improve the club's financial situation, including job cuts and ticket price increases.
Manchester United's New York-listed shares rose 4.4% in premarket trading following the announcement.
