Red News on Manchester United's 3rd Quarter Results from earlier today

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- United announced its third quarter results (for the 3 months from January 2019 to March 2019).

United’s financial year runs from June 2018 to June 2019.

For this third quarter, headline revenue and operating profit are higher compared to same three months of 2018.

In a slight understatement, Woodward describes this season as “turbulent”. Arf!

The increasing revenue and profit is driven by much higher broadcasting income from the Champions’ League. A UEFA pot of over €3 billion meant that United has earned €93m from its participation in the UCL this season. This revenue, of course, is lost next season due to finishing 6th.

Does this mean Glazer cost-cutting is on the way? The Glazers need to maintain profit to justify paying dividends from which they personally benefit c.£20m each year. They have already received the first half of this dividend payment.

United’s wage bill for the 3 months was a whopping £84m. This suggests the annual wage bill will be well in excess of £300m for the year to June 2019. It’s way higher than both City’s and Liverpool’s.

Commercial revenue is still flatlining despite new deals announced with Marriott international, Maui Jim, Remington, Harves, Canon and others. This suggests United are losing sponsors as fast as they are signing new ones. The Glazer/Woodward inspired shit-show of recent years has definitely not helped. Also, Dickie Arnold brought in new Chief Operating Officer Collette Roche to manage Old Trafford’s operations so he could “work his magic” and bring in new sponsors. Sadly, for Dickie this has not worked out.

United report a “net debt” of £301m. Ignore this figure. It’s misleading. The actual amount of debt stands at a whopping £496m. The Glazers are paying the interest only. The Glazers borrowed all this debt in $. When United does its financial report, the US$ amount is converted to £ at the current exchange rate.

United has a lot of cash in the bank as at 31 March - £193m. But £156m is already earmarked to spend on wages and other known costs.

United support the proposed FIFA club ‘world cup’ to be held every 4 years starting 2021. The competition will be June to July with 24 teams. Kerching.

Full year results to June 2019 will be announced September.