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United reports financial upturn
Published : 03 Mar 2010 07:52:06
Manchester United's owners have strengthened their financial position despite the protests against them after releasing figures showing increases in revenue and profits.
With a group of financiers called the Red Knights confirming their interest in a possible takeover, the Glazer family can point to a rising turnover and profits at the club.
The figures for the six months up to December show turnover up 19% to £144.7million from £121.7million for the equivalent period in 2008. The club's debt dropped from £538.1million to £507.5million and there were increases recorded in matchday revenues, TV money - particularly from the Champions League - and commercial revenue.
Media revenues have increased 33% from £40.3million to £53.4million and commercial revenues up 16% from £33.5million to £38.7million.
The total debt of the Red Football Ltd, the Glazers' holding company for Manchester United, was registered at £716.5million at the start of the year.
It has led to a renewed protest of the Glazer family's ownership of the club.
In the latest development, Goldman Sachs economist Jim O'Neill - acting in a personal capacity - lawyer Mark Rawlinson and merchant banker Keith Harris have launched the Red Knight group and discussed a potential takeover.