Manchester United on Thursday reported a widening net loss in the third quarter as broadcast revenue slipped and wages rose, days after Premier League clubs failed to qualify for next season’s lucrative European Champions League.
The New York-listed club reported a net loss of £27.7 million ($34.9 million) for the three months to March 31, compared to a loss of £18.1 million a year earlier.
Broadcast revenue for the quarter was £51.5 million, a decrease of £7.1 million or 12% from the prior year quarter, mainly due to eight fewer home and away games played across all competitions.
Meanwhile, match revenue for the quarter jumped 2,133% to £35.7 million due to all nine home games played in front of a full capacity crowd. All twelve home games were played behind closed doors in the prior year quarter.
Commercial revenue for the quarter was £65.6 million, an increase of £7.5 million or 12.9% over the prior year quarter.
“It has obviously been a disappointing season for the men’s first team. Work is underway to address this under the leadership of our Director of Football, John Murtaugh, and our new manager, Eric Ten Haag. Flexibility and high standards are core values for Manchester United, and we are determined to achieve even better results next season and beyond. Believing in youth is another key tenet of the club and the continued success of our academy gives us confidence in the future,” said CEO Richard Arnold.
The English football club secured a place in the following season’s Europa League after finishing the domestic league campaign in sixth place with 58 points – their lowest number in the Premier League era.
“From the pitch, our revenues have continued to recover from the pandemic, reflecting the enduring strength of our commercial operations, which in turn supports our ability to continue investing in the club,” he said.
Record membership sold, and record sales and renewals of season tickets and executive club membership for the 2022/23 season, the club said in a statement.