ManU "notched up rising broadcast revenues in its second quarter, helping reverse a dip in its financial fortunes" at the start of the new Premier League season, according to Mehreen Khan of the FINANCIAL TIMES. Reporting results from the three months to December, the team said that its operating profits rose 15.3% to £37.6M ($47M), while revenues were up 18% to £157.9M ($197.3M) from £133.8M compared to the same period in '15. ManU, currently in sixth place in the EPL, "was helped along by healthy climbs in its broadcasting and matchday revenues," which were up 41% and 27%, respectively. Player acquisitions meant its "employee benefit expenses," which includes its wage bill, rose by £7.9M ($9.87M) or 14.2% at £63.6M ($79.5M) in the quarter (FT, 2/9). The BBC's Bill Wilson reported ManU "remains on track for record revenues" for the current financial year. ManU Exec Vice-Chair Ed Woodward said, "The robustness of our business model continues to be reflected in our strong quarterly financial results and we remain on track to deliver record revenues for the year." The club also said that in the quarter, three major sponsorship deals were signed, new partnerships with Deezer and Mlily, and the renewal of one with Concha Y Toro. Of "major interest" in Thursday's investors conference call was Woodward's admission that the "huge growth" in the club's commercial revenues "will be hard to maintain" (BBC, 2/9). REUTERS' Rahul B. reported "expanding its digital operations," ManU plans to launch a Manchester United TV app across the globe "where competition and partner rights allow." The club reiterated its revenue target of £530M-£540M ($662.6M-$675.1M) for the year to the end of June. Its shares, listed on the N.Y. Stock Exchange, rose 1.6%, valuing the business at around $2.5B (REUTERS, 2/9). The London GUARDIAN reported ManU's net debt has increased by 27.1% to £409.3M ($511.7M) due to the post-Brexit collapse of the pound. The club blamed "the strengthening dollar" for the dbet rising by £87.2M ($109M) (GUARDIAN, 2/9).
