Manchester United raises annual forecast amid Champions League return
9:43 am Tuesday, June 27th, 2023
(Reuters) – Manchester United on Tuesday raised its forecasts for annual revenue and adjusted profit, betting on strong commercial and matchday income as the English football club returns to the UEFA Champions League.
Manchester United, which is currently in talks to sell itself, said it was expecting revenue of between 630 million pounds ($801.6 million) and 640 million pounds, compared with its previous forecast of between 590 million pounds and 610 million pounds.
The U.S.-based Glazer family, which owns the club, said in November they were considering a sale of the 20-times English soccer champions in what could be the biggest sports deal ever.
They received several bids, including from Sheikh Jassim bin Hamad al-Thani of Qatar, British billionaire Jim Ratcliffe and Finnish businessman Thomas Zilliacus.
Reuters reported earlier this month that the club is negotiating granting exclusivity to the consortium led by the Qatari Sheikh in talks to sell itself for more than $6 billion.
There were no updates on the deal from Manchester United on Tuesday and its U.S.-listed shares fell 1.4% in premarket trading.
Manchester United also raised its adjusted profit forecast to between 140 million pounds and 150 million pounds for the year, compared with its previous forecast of between 125 million pounds and 140 million pounds.
For the third quarter ended March 31, net loss stood at 5.6 million pounds, compared with 27.7 million pounds in the same period last year.
($1 = 0.7860 pounds)
(Reporting by Eva Mathews in Bengaluru; Editing by Anil D’Silva)
