Man United report slender 2nd-quarter profit despite hits to revenue

MANCHESTER, England (AP) — Manchester United reported a net profit of £6.3 million ($7.77 million) in its second quarterly fiscal results on Thursday.

The English Premier League club, which is subject to takeover bids, released its key financial figures for the three months ending Dec. 31, 2022.

United's total revenue was £167.3 million, down 9.8% year-on-year.

While the club's commercial revenues of £78.7 million were up by 22.2% year-on-year, it reported decreases in broadcasting and matchday revenues.

Broadcasting was £58.7 million, marking a decrease of 32.1%.

Matchday revenues totaled £29.9 million, down by 13.6%.

United said broadcasting revenues were down "primarily due to the men's first team participating in the UEFA Europa League compared to the UEFA Champions League in the prior year."

Matchday revenue was down due to playing two less home games than in the previous period.

United's non-current borrowings of $650 million remained unchanged year-on-year, but the difference in the British-U.S. exchange rate had an impact on that debt when converted to pounds sterling.

The exchange rate went from 1.3486 on Dec. 31, 2021 to 1.2040 on Dec. 31 2022, meaning United's debt in pounds sterling rose from £477.1 million to £535.7 million compared year-on-year.

United's owner, the Glazer family, announced in November it was exploring "strategic alternatives," which included a potential sale of the 20-times English champion.

Based on the publicly declared bids, the frontrunners were Qatari banker Sheikh Jassim bin Hamad Al Thani and local boy-turned-billionaire Jim Ratcliffe.

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James Robson is at https://twitter.com/jamesalanrobson

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