Manchester United earned more than half a billion pounds for the third successive year – and are predicting even higher figures on the back of record-breaking revenues of £590million.
Having become the first British club to break the half-billion mark in 2016, revenues have continued to grow at Old Trafford.
United brought in £590m over the year ending June 30, 2018, with the club expecting revenues to rise to between £615m and £630m over the coming financial year.
Ed Woodward, executive vice-chairman, said: “Everyone at the club is working tirelessly to add to Manchester United’s 66 and Jose’s 25 trophies. That is what our passionate fans and our history demands.
“We are committed to our philosophy of blending top academy graduates with world class players and are proud that, once again, last season we had more academy graduate minutes on the pitch than any other Premier League club.
“Our increased revenue expectation for the year demonstrates our continued strong long-term financial performance which underpins everything we do and allows us to compete for top talent in an increasingly competitive transfer market.”
United, who have been top of the Deloitte Football Money League – the list of highest-earning clubs in the world – for the past two years, saw operating profits drop by 45.4 per cent to £44.1m. That was due in large to the US federal corporate income tax rate being reduced from 35 per cent to 21 per cent.
Net debt rose 19.1 per cent to £253.7m, which the club say is predominantly down to exchange rate fluctuations.
United’s wage bill increased by £32.4million over the prior year to £295.9m, which the accounts say is “primarily due to player salary uplifts related to participation in the UEFA Champions League”. Alexis Sanchez’s January arrival will also have made an impact.
United achieved earnings of £177.1m before interest, tax, depreciation and amortisation – down from a record £199.8m in 2017.