Manchester United Record High Revenue Hits

Manchester United executive vice-chairman Ed Woodward emphasised that the club is hungry for more silverware on Tuesday after announcing record-breaking revenues.

United, under the management of Jose Mourinho, are placed seventh in the Premier League table after a poor start to the season. Manchester United are eight points behind league leaders Liverpool and six behind city rival and reigning champions Manchester City.

The club has not won the Premier League since 2013, after Alex Ferguson announced his retirement.

Manchester United top the Deloitte Football Money League for two consecutive years, brought in £590 million ($776 million) in the year ending June 30, 2018 — a rise of just 1.5 percent on the previous year. The expectation is for revenue to rise to between £615 million and £630 million over the coming financial year.

“Everyone at the club is working tirelessly to add to Manchester United’s 66 and Jose’s 25 trophies,” Woodward said. “That is what our passionate fans and our history demands.

“We are committed to our philosophy of blending top academy graduates with world-class players and are proud that, once again, last season we had more academy graduate minutes on the pitch than any other Premier League club.

“Our increased revenue expectation for the year demonstrates our continued strong long-term financial performance which underpins everything we do and allows us to compete for top talent in an increasingly competitive transfer market.”

Manchester City earlier this month posted record revenues of £500.5 million following their record-breaking season last term.

United’s annual accounts disclose that the Old Trafford giants paid employees £295.9 million in fiscal 2018 — a ramble of £32.4 million over the previous year.

The club said the increase was “primarily due to player salary raises related to participation in the UEFA Champions League” but Alexis Sanchez’s arrival in January also have made an impact.

United saw operating profits drop by 45.4 percent to £44.1 million. That was largely due to the United States’ federal corporate income tax rate being reduced from 35 percent to 21 percent.

Adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) were £177.1 million, down from £199.8 million the previous year.