Manchester United’s revenue down by 9.9%
Manchester United’s total revenue fell by 9.9% to £88.7 million for the three months to the end of September when compared to the same period last year.
This is despite signing the largest kit manufacturer sponsorship deal in sports with adidas in their first quarter worth £750 million over 10 years and five additional sponsorship deals announced in this quarter.
The new sponsorship deals are with Nissin, Abengoa, Association of Football Federations of Azerbaijan, Maybank and Gloops.
The Old Trafford club lost out on payments from Nike from failing to qualify for the Uefa Champions League.
Total operating expenses for the quarter were £92.8 million, an increase of £2.6 million, or 2.9%, compared to the same period the previous year.
However employee benefit expenses for the quarter were £49.4 million, a decrease of £3.5 million, or 6.6%, over the prior year quarter due primarily to lower player wages.
Executive vice chairman, Ed Woodward, commented, “While we recognize that the 2014/15 fiscal year financial results will reflect our absence from the Champions League, we signed the largest kit sponsorship deal in the history of sport in the first quarter and, with that concluded, we are excited to focus our efforts on the meaningful growth opportunities in sponsorship, digital media and retail and merchandising.”
This was posted in Bdaily's Members' News section by Sophia Taha .