Richard Arnold highlights ‘key principle’ of Man Utd financial statements and says ‘work is well advanced’

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Manchester United chief executive Richard Arnold has said “work is well underway” to deal with the club’s “disappointing” season.

United have released their financial results after a season that saw them finish sixth and miss out on a Champions League spot next season. The club chief says ‘youth’ will be at the forefront of rebuilding under new boss Erik ten Hag.

Off the pitch there are signs of growth again after two seasons hit by Covid-19.

Arnold said the recovery of the club’s financial position reflected “the enduring strength of our business operations, which in turn supports our ability to continue to invest”.

The club’s net debt was £495.7m, up 11.8% from 12 months ago.

And the results also said a “semi-annual cash dividend” equivalent to nine cents per share would be paid to shareholders on June 24.

Manchester United however, reported an almost 30% increase in revenue for the third quarter of 2022 compared to the same period last year.

The Red Devils’ total turnover for the three months ending March 31 this year was £152.8million. This was up 29.2% from £118.3m in the corresponding quarter.

The club earned a further £34.1m in match revenue during this period. The Covid-19 pandemic limited daytime revenue to £1.6m in the third quarter of 2021.

Overall, there was an operating loss of £21.8 million for the third quarter. That compared to £21.6m 12 months ago, with broadcast revenue down 12% to £51.5m.

Richard Arnold welcomes the new rules

Arnold admitted United’s season hasn’t gone the way they wanted.

“Work is underway to resolve this issue, led by our Director of Football, John Murtough and our new manager, Erik ten Hag,” Arnold said.

“Resilience and high standards are core values ​​for Manchester United. And we are determined to achieve better results next season and beyond. Faith in youth is another key principle of the club. And the continued success of our academy gives us confidence in the future.

Arnold’s statement also highlighted FIFA’s stricter regulations on agents. UEFA’s financial viability regulations, which cap team costs at 70% of turnover, were also welcomed.

“Overall, these changes demonstrate a welcome trend towards stronger governance and greater financial sustainability in European football,” he added.

Meanwhile, the new Champions League will grant an additional spot to each of the two countries with the best performance record in Europe in the previous season. In four of the last five seasons, England would have benefited from one of these places.

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