Manchester United Announce Record Profits Of £110m

Old Trafford club still pulling in the pounds despite mounting debt.

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Manchester United have announced the club made a record operating profit of £110.9million for the past financial year.

The Red Devils, according to figures for the year ended June 30, 2011, have posted a record revenue of £334.1million – an increase of £45million from last year and passing £300million for the first time.

United, who won the Premier League title and reached the Champions League final last season, have also recorded a commercial turnover of £103.4million.

The 15.7% rise in commercial revenues is hugely encouraging for the club and does not include a new £10million-a-year training kit sponsorship deal with DHL.

The figures contrast with those of last year when losses hit a record £83.3million, largely due to the costs of a bond issue.

The latest results come as the club consider to raise up to £614million by floating on the Singapore Stock Exchange, which will help address the club’s debt, and could be completed by the end of the year.

Net debt is down to £308.3million from £376.9million according to the new figures.

United, having struggled to sell corporate boxes last year, have also enjoyed an increase in matchday turnover from £100.2million to £108.6million.

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