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ManU "has enjoyed greater success with its finances than it has on the pitch recently," with the club’s annual accounts revealing rising revenues and "surging" profits, according to Alan Tovey of the London TELEGRAPH. Documents lodged with Companies House show Manchester United Ltd. had revenues of £254M in the year to the end of June, some 25% higher than during the previous year. However, pre-tax profits were "even more impressive," surging 73% to £141M after a "mammoth sponsorship deal" the club scored with adidas began. Analysis of the accounts show ManU received £72.7M from the German sportswear company after it signed a 10-year deal worth £750M. Also giving a "massive boost" to the club’s finances was car group General Motors, kicking in £52.2M over the year to have its Chevrolet brand on players' shirts. The deal shows the "global attraction" of ManU. Chevrolet ceased to exist as a retail brand in the U.K. in '15 because of a "challenging business model." Instead the car company has focused on promoting its Opel and Vauxhall brands in Europe, though Chevrolet "continues to exist in other parts of the world." Also filed with Companies House were the accounts of Red Football Ltd., the "immediate parent" of Manchester United Ltd., which covers the ancillary businesses based around football. Its finances showed a "similar stellar performance" -- again boosted by sponsorship deals -- with revenue rising from £395M to £515M and a profit of £49M, reversing a £2.3M loss the year before (
TELEGRAPH, 12/30).
