Man United an­nounce record profit

Chronicle (Zimbabwe) - - Sport Starts Here -

The bans were later re­duced to six years on ap­peal to Fifa, then four years in a fur­ther ap­peal to the Court of Ar­bi­tra­tion for Sport.

The is­sue is still un­der in­ves­ti­ga­tion by Swiss pros­e­cu­tors.— Su­pers­port. MANCH­ESTER United have an­nounced to­tal rev­enue of £515.3 mil­lion ($683.5m) for the year end­ing June 30, 2016.

United have taken a record profit of £68m and in the process have be­come the first UK club to earn over half a bil­lion pounds in a sin­gle year. How­ever, that fig­ure is short of the £570m in an­nual rev­enue that Barcelona an­nounced in July.

United are also on tar­get for record rev­enues again over the next year, de­spite fail­ing to qual­ify for the Cham­pi­ons League, hav­ing been helped by the huge rise in broad­cast­ing in­come for this sea­son.

Fol­low­ing the news, ex­ec­u­tive vice-chair­man Ed Wood­ward set his sights on re­turn­ing United to “the pin­na­cle of our sport.”

Speak­ing in his con­fer­ence call on Mon­day, he said: “Jose Mour­inho’s ap­point­ment is a re­flec­tion of our de­ter­mi­na­tion to re­turn to the pin­na­cle of our sport. We are writ­ing the next chap­ter in our his­tory.”

Look­ing ahead, Wood­ward high­lighted the ef­fect world record sign­ing Paul Pogba has al­ready had, say­ing that the im­pact on Face­book was “more than Bale and Ney­mar com­bined.”

Their £515m fig­ure for 2015-16 was short of Barcelona’s, re­vealed in July, as the Span­ish club an­nounced earn­ings of £570m, hav­ing ben­e­fited from a stronger Euro against the pound post-Brexit.

United, who agreed a 10-year £750m ($1.28 bil­lion) con­tract with adi­das -- the big­gest deal in sports-li­cens­ing his­tory -- in 2014, have a net debt that is £260.9m, but com­mer­cial rev­enue has soared to £268.3m, which is an in­crease of 36.3 per­cent over the prior year.

The ac­counts showed that sack­ing Louis van Gaal and his coach­ing staff cost £8.4m in com­pen­sa­tion.

United’s wage bill was up to £232.2m, with there be­ing a rise in player salaries due to Cham­pi­ons League par­tic­i­pa­tion.

They also had to write off £6.7m as an as­set be­cause Bas­tian Sch­we­in­steiger is “no longer con­sid­ered to be a mem­ber of the first-team squad.”

In a sea­son when they won the FA Cup, United also saw match­day and TV rev­enue rise and signed 14 spon­sor­ship deals.

Wood­ward had pre­vi­ously been re­ported as say­ing: “Our record Fis­cal 2016 fi­nan­cial per­for­mance re­flects the con­tin­ued un­der­ly­ing strength of the busi­ness and the club is on tar­get to achieve record rev­enues in 2017, even with­out a con­tri­bu­tion from the Cham­pi­ons League.”

“This strong fi­nan­cial per­for­mance has en­abled us to in­vest in our squad, team man­age­ment and fa­cil­i­ties to po­si­tion us to chal­lenge for, and win, tro­phies in the com­ing years.”— ESPNFC.

Michel Pla­tini

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