The new TV deal, and the possible return of Champions League football mean Ed Woodward is still a happy man.
Manchester United revealed some new financial figures today and we are beginning to see the impact of the absence of Champions League football, and revenue, to the Old Trafford coffers.
Ed Woodward, the executive vice chairman at United, has revealed that debt rose by £24m in just three months that cover the second quarter of the financial year just gone, while revenue for the same period fell from £46.9m to £28.4m. Matchday revenue also fell by £2.8m in the same period.
The drop was blamed on the absence of Champions League football but Woodward was positive about the financial future of the Red Devils.
Woodward pointed to the recently signed TV deal, the massive new adidas deal that would be coming on stream and the fact that the team are in position to return to the Champions League as reasons to be positive.
“The recently announced Premier League broadcasting rights package for 2017-19, representing an increase just over 70 per cent, once again demonstrates that we are part of the top football league in the world.
“Notwithstanding no European football this season, our revenues and EBITDA remain strong and demonstrate the underlying strength of our business model, with commercial revenues up year over year. On the pitch, the team is well positioned to challenge for a top four finish in the Premier League and we look forward to the rest of the season.”
He projected that the club would be down about £40m overall for the season just gone.
