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Friday, May 24, 2024

Manchester United revenues rises after return of Cristiano Ronaldo

Manchester United Plc's (MANU.N) first-quarter loss narrowed as the end of COVID-19 curbs in England allowed fans to return to its Old Trafford stadium at full capacity, offsetting a rise in salaries since the return of Cristiano Ronaldo in August.

Manchester United Plc’s first-quarter loss narrowed as the end of COVID-19 curbs in England allowed fans to return to its Old Trafford stadium at full capacity, offsetting a rise in salaries since the return of Cristiano Ronaldo in August.

The club, owned by the American Glazer family, on Wednesday, posted a loss of 15.5 million pounds ($20.85 million) for the three months ended Sept. 30, compared with a loss of 30.3 million pounds in the same period a year ago when COVID-19 disrupted sporting calendars and shuttered stadiums.

Curbing the rough start 

With the stadium, commonly known as the Theatre of Dreams, now able to welcome back tens of thousands of fans, matchday revenues jumped to 18.8 million pounds compared with 1.7 million pounds a year ago. Total revenue rose 16% to 126.5 million pounds. Total revenue rose 16% to 126.5 million pounds. And it’s not a big surprise since, before the quarantine, the ticket sales accounted for nearly 20% of the club’s revenue.

The 20-time domestic champions have made a patchy start to the Premier League season, losing four of their first 11 matches to rank sixth in the standings.

Read more: Cristiano Ronaldo’s car left without petrol after seven hours wait in UK

“While these financial results today demonstrate our resilience through the pandemic, our top priority is success on the pitch,” Vice Chairman Ed Woodward said in a statement.

Woodward is due to part ways with the club by the end of the year after attracting criticism for its involvement in the breakaway European Super League project. United has not yet named a replacement for the 49-year-old but reports suggest insider Richard Arnold is among the top runners.

United, which signed five-time Ballon d’Or winner Ronaldo from Italy’s Juventus in August, and also recruited world cup winner Raphael Varane and England winger Jadon Sancho over the summer, said employee benefit expenses rose 23% to 88.5 million pounds.

Read more: Cristiano Ronaldo to narrate his love story with girlfriend in Netflix documentary

Revenues from product sales jumped 21%, boosted by its new player signings and more home games being played, it said.

Reuters with additional input by GVS