Manchester United Announces Loss

Manchester United has announced a pre-tax loss of £4.7M ($7.6M) on falling revenues in the year to June just a month after the club floated on the N.Y. Stock Exchange.

The loss comes after the club reported a £12M ($19.5M) profit last year.

However, asthma a one-off tax credit of £28M ($45.5M) increased post-tax profits to £23.4M ($38M). Revenue fell by 3.3 percent during the period to £320M ($520M).

Assuming that Manchester United reaches the quarterfinals of the Champions League, it predicts income of between £350M ($569M) and £360M ($585M) next year.

Matchday revenue fell 10.9 percent to £98.7M ($160.3M) because the club played four fewer home games than in the previous season. Broadcasting income dropped 11.3 percent to £104M ($169M) after the club was knocked-out at the group stages of the Champions League.

TV broadcast rights for the Premier League are expected to bring in £1B ($1.6B) a year between next year and the 2015-16 season for BSkyB and BT Vision, of which Manchester United will receive a share. {jcomments on}