Wages hit Man United revenue

Manchester United has forecast profit for 2018 below analyst estimates as higher player salaries eroded an increase in revenue following its return to the Champions League.

Broadcasting revenue for the first quarter of the club’s current financial year rose 31% to £38.1m (€42.7m), mainly as a result of participation in Europe’s elite club competition. The qualification drove player salaries higher as employee benefits grew 12% over the prior year.