The English football club Manchester United has posted a 25 per cent fall in quarterly core earnings as its absence from the lucrative Champions League competition and fewer home games at the start of the season hit its matchday revenue.
United, whose players include Paul Pogba, whom the Reds signed for a world-record £89 million (Dh407.5m), and Zlatan Ibrahimovic, are currently sixth in the 20-club English Premier League (EPL).
The team failed to reach the Uefa Champions League for the current 2016-17 season after finishing only fifth in the EPL in the last campaign. They are currently playing in the Europa League, Europe’s second-tier competition.
“Our financial results for this quarter reflect the impact of our non-participation in the Champions League, we are pleased that we remain on track to deliver record revenues for the coming year,” said the United executive vice chairman Ed Woodward.
The club’s adjusted earnings before interest, tax, depreciation and amortisation for the three months to September 30 fell to £31.2m from a record £41.6m a year earlier.
The team played three fewer home games at Old Trafford in the period compared with a year earlier, partly down to the scheduling of EPL fixtures.
Revenue came in at £120.2m falling from £123.6m a year ago. Commercial revenue rose 4.4 per cent to £74.3m and now makes up about 62 per cent of total income, the club said.
United, controlled by the American Glazer family, maintained its revenue and profit forecasts for the 2016-17 year as a whole. The period to the end of September is the first quarter of its financial year.
* Reuters
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