Manchester United have continued their rapid growth as a commercial business with some big gains in the first financial quarter of this year.
In the three months until 30 September, United’s commercial revenue increased 39.3% from £43.0m to £59.9m due to no less than 12 sponsorship deals being signed, whilst broadcasting revenue increased 40.9% from £13.7m to £19.3m largely through the improved TV packages.
Speaking about the financial results, Woodward said: “We are pleased to have achieved another record first quarter, driven by the strength of our commercial business and increased broadcasting revenues. Our unique approach to the commercial business will continue to drive future growth.
“We are also excited by the continuing rise in the value of sports content, evidenced, amongst other things, by the recently announced BT deal for the UK rights to broadcast the Champions League and Europa League matches for three seasons from 2015/16.
“This deal represents a meaningful increase over the current arrangement, which should translate into higher broadcasting revenues for the participating clubs.”
However, for all our improved revenue United decided to miss out on Ander Herrera for €6 million, a ball playing central midfielder that the side still so desperately lacks. In the grand scheme of our financial situation, €6 million is a trivial figure.
Woodward is a smart businessman and his success in continuously bringing in improved revenue levels is admirable but when that doesn’t translate into investment in the side when it is so needed, fans are understandably left frustrated.