Man Utd take £19.6m hit from Jose sacking
SACKING JOSE Mourinho before Christmas cost Manchester United £19.6m, the Premier League club has revealed in their second-quarter financial results.
That sum, which is listed under “exceptional items” in the accounts, includes payouts for the five members of his staff who left with him on December 18.
It is less than was initially reported in some quarters but four times the amount United had to pay predecessors David Moyes and Louis van Gaal when they were fired in 2014 and 2016 respectively.
The severance pay, however, is the only bad grade in an otherwise glowing report, with the club posting record revenues of £208.6m for the quarter, which translates into earnings before interest, tax, depreciation and amortisation (EBITDA) of £104.3m and an operating profit of £44m.
The club’s wage bill for the quarter, which ended on December 31, rose to £77.9m, an increase of £8.2m (11.8 per cent) on the corresponding period a year ago.
Commercial revenue, thanks to new sponsors such as Remington, inched up to £65.9m, although the retail and merchandising part of that equation fell slightly, and matchday proceeds increased by £2.1m (5.7 per cent) on 12 months ago, primarily due to playing one more Champions League game at home.
But the real boost came from broadcasting, up £28.5m (37.9 per cent) to £103.7m, as UEFA’s new Champions League broadcasting deal really started to kick in.
In a statement, executive vice-chairman, Ed Woodward, said: “The appointment of Ole (Gunnar Solskjaer) and Mike (Phelan) as caretaker manager and assistant manager has had a positive impact throughout the club.
“We are delighted with the improvement in the team’s performances since December and we look forward to a strong finish to the 18/19 season.”
One thing that was not discussed on the call, and only mentioned briefly in the report, was the debt United’s owners the Glazer family placed on the balance sheet.
That figure currently stands at £317.7m.
We are delighted with the improvement in the team’s performances. Ed Woodward, executive vicechairman of Manchester United