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Record profits, big losses for United
Published : 08 Oct 2010 11:24:00
Manchester United have become the first English club to break through the £100million profit barrier - while also posting an £83.6million loss. The widely contrasting figures once again emphasise how the Red Devils remain one of the world's most attractive sporting organisations, while at the same time showing the cost of a hugely controversial takeover by the Glazer family in 2005. Interest payments accounted for £40million, while there was also a hefty one-off cost for the successful £504million bond issue earlier this year. United will point to the massive commercial growth in the latest figures, following the implementation of their "territory specific" approach. The £11.5million increase in turnover to £81.4million proves how successful that plan has been. It also debunks the idea that the negative headlines the Glazer family ownership has caused have deterred companies from associating themselves with United. Media revenues have also risen by £5.1million, to £104.8million, making it the largest area for the club now matchday revenues have fallen to £100.1million. United's overall turnover is £286.41million, which contrasts sharply with Manchester City, who seven days ago celebrated hitting a turnover figure of £125million. It shows the vast gulf that still exists commercially between the neighbouring clubs and the work City must do to get somewhere close.