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- Kroenke gives Wenger green light to smash Arsenal’s wage structure
- 32-year-old man charged with killing brother
- Emenike close to sensational move back to Fenerbahce
- Work begins on Fourth Mainland Bridge
- “We’re all delighted!” – Wayne Rooney welcomes second son
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- Victor Moses, Kalu Uche to miss Nigeria’s World Cup qualifiers, Confederations Cup campaign
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Fallout of 2011/2012 Champions League flop: Manchester United’s revenue falls to £320m
Overall revenues slumped by 3.3 per cent to £320 million, as the Red Devils’ failure to go beyond the group stages of Europe’s premier competition caused an 11.3% drop in broadcast income.
However, there were plenty of reasons for encouragement for the club’s owners from the figures announced on Tuesday.
Net profits rose 79.2% to reach £23.3m, while earnings from commercial operations hit a record-breaking £117.6m – a rise of 13.7%.
The Old Trafford outfit’s borrowings – a source of frustration and anger for many supporters, often directed at owners the Glazer family – have fallen from £459m to £437m
Despite the mixed results, United’s executive vice chairman, Ed Woodward, said: “Fiscal 2012 was the best year ever for Manchester United’s commercial business.”