London - Manchester
United predicted a record rise in annual revenue to between £560
million and £570 million in their
latest quarterly financial figures released on Tuesday.
United had previously told investors to expect revenue of between £530 million and £540 million for the 2016/17 financial year.
Broadcast revenue for the quarter rose by 12.9 percent to £31.4
million, largely due to the Premier League's new bumper television
rights deal taking effect.
"We are forecasting better full-year financial performance than
expected and as such have raised our revenue and profit guidance for the
year," said United executive vice-chairperson Ed Woodward in a press
"We look forward to a strong finish to 2016/17, both on and off the pitch."
United failed to qualify for this season's Champions League, but
their exploits in the Europa League have helped them to record strong
They have won the League Cup in Jose Mourinho's first season as
manager and will face Ajax in the final of the Europa League, the only
tournament they have never won, on May 24.
They must win the Europa League to qualify for next season's
Champions League, having failed to secure a top-four finish in the
United will see a 30 percent reduction in their sponsorship deal with
Adidas - a loss of £21 million - if they do not reach the Champions
League, spread out over the remaining eight years of the contract.
Despite that, Woodward told investors in a conference call that
United have made "tremendous progress on and off the pitch" under
United will receive €6.5 million in prize money if they win the Europa League and €3.5 million if they lose the final.
The club's operating expenses rose 27 percent to £129.8 million,
partly due to the contracts offered to new signings including Paul Pogba
and Zlatan Ibrahimovic.
United also hired a significant number of new non-playing staff members.
Net debt rose by £17.6 million to £366.3 million, which the club said was due to the strengthening US dollar.