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Manchester United post record profits
Published : 01 Sep 2011 13:00:18Rss feed
English champions Manchester United posted record operating profits of £110.9million ($179.7million) for the past financial year, figures released Thursday showed.
The Old Trafford club have also recorded a record revenue of £334.1million -- an increase of £45million from the previous year and passing £300million for the first time - according to figures for the year ended June 30, 2011.
United, who won the Premier League title and reached the Champions League final during the period, have also recorded a commercial turnover of £103.4million -- which doesn't include a new £10million a year sponsorship deal with global delivery company DHL.
The figures were published as United considered a plan to raise more than £600million by selling shares on the Singapore Stock Exchange.
That would help the Old Trafford club, owned by the US-based Glazer family, pay down a net debt that now stands at £308.3million -- down from £376.9million according to the new figures.
The new results contrast markedly with last year's figures when losses hit a record £83.3million, primarily as a result of the cost of a bond issue.