Man United Revenue Hits Record $289M for Q2, Thanks to Broadcast

Manchester United reported results Tuesday for its second quarter—the three months ending Dec. 31—that included record revenue of £226 million ($289 million based on current exchange rates), driven by strong matchday and broadcast revenue.

“We delivered strong revenues during the first half of the fiscal year and have reiterated our guidance for record revenues for the full fiscal year,” Cliff Baty, Man United CFO, said in a statement “This is an exciting time at Manchester United following the completion of Sir Jim Ratcliffe’s investment, and we are all focused on working together with our new co-owners to drive the club forward and deliver success on the pitch.”

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Last month, Ratcliffe completed his 25% purchase of the 20-time English champions and invested a further $200 million to increase his stake to 28% at a total cost of $1.6 billion.

During the second quarter, broadcast revenue soared 81% to $136 million, representing nearly half of the company’s total revenue. The jump was primarily a result of participating in the Champions League versus Europa League the prior year.

United was bounced from Champions League during group stage play, and in January, the company cited the early exit and related reduction in broadcast revenue for a lower fiscal 2024 forecast. On Tuesday, the company reiterated its full-year guidance of revenue between $813 million and $851 million with adjusted EBITDA within a range of $160 million to $192 million.

Matchday revenue increased 59% to $61 million, driven by two additional home games and the Champions League appearance.

Commercial revenue fell 9% to $92 million, and the club attributed the drop to a one-off sponsorship payment for a terminated deal in the prior year’s quarter. Net income for the quarter was $26 million, more than triple the prior year.

United’s stock closed Monday at $14.20, its lowest point since November 2022, when the Glazer family announced plans to explore “strategic alternatives” to sell the club; that announcement goosed the price from $13.03 to $21.21 over three days. A complete sale of the club never materialized, and Ratcliffe’s purchase of 25% of the common shares at $33 provided the stock a temporary boost before it settled back to its current level.

Man United was the worst performing stock in February in the Sportico sports stock index.

United is currently sixth in the Premier League standings and 17 points behind Arsenal and Liverpool in first, but it topped Sportico’s 2023 look at the world’s most valuable soccer clubs at $5.95 billion, 14% ahead of Read Madrid. Last week, United announced the creation of a task force to explore options for stadium development at Old Trafford and the surrounding area.

Brendan Coffey contributed reporting.

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