Man United reveal record profits

Following Real Madrid’s recent announcement of record revenues of almost $700 million, an increased profit of $50 million, another one of the world’s football superpowers is busy raking in the cash.

Just lagging a tiny bit behind Real in the financial stakes, Manchester United are projecting that they will generate more than $680 million this season after breaking their revenue record while winning a 20th English title.

United pointed to the enduring success of their commercial operation in helping to maintain the club as a force on and off the pitch, as they face the challenge of David Moyes replacing Alex Ferguson after more than 26 years as manager.

Owned by the American-based Glazer family, United reported revenue rising by 13 percent to $578 million in the year to June 30. The club expects it to soar to between $669 million and $686 million in 2013-14.

United reported a net profit of $27 million from $7 million the year before, while the cash balance rose by a third to $151 million.

The gross debt has dropped by 11 percent to $622 million, although the cost of serving those liabilities rose to $113 million in the year.

Executive vice chairman Ed Woodward said the club ‘delivered on our targets and objectives’ during its first year listed on Wall Street.

Commercial income alone grew by 30 percent in the year to June 30 to $244 million as 20 sponsorship deals were announced.

“Our commercial business continues to be a very powerful engine of growth enabling the team to continue to be successful,” Woodward said in a statement.

“We won our 20th English League title last season and are delighted to have David Moyes lead our football team into a new and exciting chapter.”