"These robust financial results reflect the resilience of Manchester United as we make strong progress in our transformation of the club. The difficult decisions we have made in the past year have resulted in a sustainably lower cost base and a more streamlined, effective organisation equipped to drive the club towards improved sporting and commercial performance over the long term."
"Manchester United's operating profit rose to 13m in the financial year's first quarter compared with an equivalent 7m loss 12 months earlier, with the chief executive, Omar Berrada, stating this was down to the difficult decisions made in the past year by Sir Jim Ratcliffe. Since Ratcliffe became the largest minority owner in February 2024, his budgetary adjustments have included making about 450 redundancies, which will take the head count to about 800."
Operating profit rose to 13m in the first quarter, reversing a 7m loss a year earlier. The improvement followed budgetary adjustments after Sir Jim Ratcliffe became the largest minority owner, including about 450 redundancies that will reduce headcount to about 800, ending Sir Alex Ferguson's ambassadorial role (saving about 2m a year), and cutting free lunches. The cost base became sustainably lower and more streamlined, enabling investment in men's and women's teams, sitting sixth and third in their leagues. Revenue was 140.3m (down from 143.1m). Revolving credit rose 35.7m to 268m, non-current borrowings remained at 650m, cash fell to 80.5m from 149.6m, and sponsorship revenue was 47m, down 9.3% after the Tezos training-kit deal ended; discussions with prospective partners are ongoing.
Read at www.theguardian.com
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