• Monday, Jul 13, 2020
  • Last Update : 02:46 pm

Man Utd revenues suffer as players sidelined

  • Published at 09:04 pm May 21st, 2020
man utd

Executive Vice Chairman Ed Woodward acknowledged the uncertainty brought upon by "one of the most extraordinary testing periods in the 142-year history of Manchester United," but said he was optimistic about the future amid hopes the Premier League could resume next month

Manchester United withdrew its annual financial targets and estimated it lost around 23 million pounds ($28 million) in revenue in the third quarter as the coronavirus crisis brought the Premier League and European soccer competitions to a halt.

Executive Vice Chairman Ed Woodward acknowledged the uncertainty brought upon by "one of the most extraordinary testing periods in the 142-year history of Manchester United," but said he was optimistic about the future amid hopes the Premier League could resume next month.

England's top clubs have returned to training this week with the aim of resuming matches behind closed doors in June, a sentiment echoed by Woodward on a post-earnings media call.

He pointed to the return of the German Bundesliga last weekend as a sign of "strong, pent-up demand" for live soccer on television.

Woodward said he hoped United could complete all of the first team's 2019-20 games by the end of August and start next season in time for it to end on schedule in May 2021.

United, who are in "rebuild" mode as they chase a return to the lucrative UEFA Champions League competition, were in fifth place in the 20-team Premier League when the action was halted.

Broadcasting revenue more than halved in the third quarter ended March 31, causing total revenue to slide 19% to 123.7 million pounds.

Net debt ballooned by more than 42% to 429 million pounds and the club, controlled by the American Glazer family, made a net loss of 22.8 million pounds once the cost of financing that burden was taken into account.

United expect to have to sacrifice around 20 million pounds in broadcast revenues over the full season, its slice of a rebate the Premier League will have to offer for delays to staging matches caused by the crisis.

United have not played since they beat LASK Linz 5-0 behind closed doors in the Europa League in Austria on March 12. Their last match at their Old Trafford home was a 2-0 win over local rivals Manchester City in the Premier League on March 8.

51
50
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail