Manchester United have recently released their quarterly figures and boasted of a record revenue. If this growth continues, they could break the 500 million pound mark this year in terms of revenue, becoming the first Premier League club to do so.
Spurred on by increased broadcasting revenue and new sponsorship deals, Manchester United earned a quarterly revenue of 133.8 million pounds boasting a growth rate of 26.6 percent on their last figures. The club are expecting that their yearly revenue will break the £500 million barrier for the first time this time around, predicting a figure of £500m- £510 million for 2016.
The Red Devils have renewed their kit deal with Adidas and partnership with Thomas Cook. They have also agreed on a new sponsorship deal with Cable and Wireless Communications and licensing deals with New Era and Heroes.
Speaking about the latest figures Ed Woodward, Manchester United executive vice-chairman said, “Our strong commitment to investing in our squad, youth academy and the broader club are ultimately underpinned by our financial strength and the hard work and dedication of everyone at the club”, according to The Mirror.
“Our solid results off the pitch help contribute to what remains our number one priority – success on the pitch.”
Success on the pitch eludes financially successful Red Devils
Despite their stellar success financially, Manchester United have underwhelmed when it comes to their main occupation — football. While other clubs like Leicester City and Tottenham Hotspur are proving that money isn’t necessarily a prerequisite for success in the Premier League, the Red Devils are wallowing in the fifth spot on the table.
After crashing out of the Champions League last year, it looks like they won’t even make it to Europe’s elite competition this time around. They are 6 points adrift of the CL spots and have so far squandered many chances to make up that deficit. It remains to be seen if, as Woodward attests the club wants, the financial well being can spill onto the playing field.