ManU said that it "will overcome a fall in sponsorship revenues and will achieve its sales targets for the year," according to Murad Ahmed of the FINANCIAL TIMES. Reporting results for the three months to Sept. 30, the club said that overall revenues fell to £135M ($172.6M) over the period, compared to £143.7M a year earlier, a 6% decline. The club said that the drop was explained by "a fall in sponsorship revenues due to a shorter than usual summer tour" of "friendly" matches in the U.S., as well as making less in matchday income because the team played two fewer matches at Old Trafford at the start of the season compared to the same period last year. ManU Exec Vice-Chair Ed Woodward provided an "upbeat assessment" of the club's financial performance and prospects for the year. He said that a new sponsorship deal with denim brand True Religion and renewed endorsement contracts with Canon Medical Systems and Deezer "will keep it on track to achieve full-year revenues" between £615M ($786.4M) and £630M ($805.5M), with adjusted earnings before interest, tax, depreciation and amortization projected to be between £175M ($223.8M) and £190M ($242.9M) (FT, 11/15). In London, Mark Critchley reported ManU's gross debt stands at £492M ($629.1M) more than 13 years after the Glazer family's "leveraged buy-out of the club" for a debt of £525M. Net debt -- the club's gross debt minus cash reserves -- is £247.2M ($316.1M), a decrease of £20.9M ($26.7M) from the prior year. Wages rose by 10.2% to £77M ($98.5M) "due to investment in the first-team playing squad," particularly the signing of Alexis Sánchez on a basic salary understood to be worth £300,000 ($385,600) a week (INDEPENDENT, 11/15).
