United reports financial upturn

Manchester United’s owners have strengthened their financial position despite the protests against them after releasing figures showing increases in revenue and profits.

With a group of financiers called the Red Knights confirming their interest in a possible takeover, the Glazer family can point to a rising turnover and profits at the club.

The figures for the six months up to December show turnover up 19% to £144.7m (€159.7m) from £121.7m (€134.33m) for the equivalent period in 2008.

The club’s debt dropped from £538.1m (€594m) to £507.5m (€560.19m) and there were increases recorded in matchday revenues, TV money – particularly from the Champions League – and commercial revenue.

Media revenues have increased 33% from £40.3m (€44.5m) to £53.4m (€58.9m) and commercial revenues up 16% from £33.5m (€37m) to £38.7m (€42.7m).

The total debt of the Red Football Ltd, the Glazers’ holding company for Manchester United, was registered at £716.5m (€790.85m) at the start of the year.

It has led to a renewed protest of the Glazer family’s ownership of the club.

In the latest development, Goldman Sachs economist Jim O’Neill – acting in a personal capacity – lawyer Mark Rawlinson and merchant banker Keith Harris have launched the Red Knight group and discussed a potential takeover.