Manchester United had a press release today before Ed Woodward, Executive Vice Chairman of the club, addressed the investors in the quarterly conference call. The following statement by Ed Woodward was quoted in the press release.
“Everyone at the club is working tirelessly to add to Manchester United’s 66 and Jose’s 25 trophies. That is what our passionate fans and our history demands. We are committed to our philosophy of blending top academy graduates with world-class players and are proud that, once again, last season we had more academy graduate minutes on the pitch than any other Premier League club. Our increased revenue expectation for the year demonstrates our continued strong long-term financial performance which underpins everything we do and allows us to compete for top talent in an increasingly competitive transfer market.”
Manchester United have finished 19 points behind Manchester City on the previous season and lost the FA cup final to Chelsea. In the 2018 summer transfer window, the club signed only 3 players. The media reported that Ed Woodward vetoed the manager’s request of signing a defender. Although José Mourinho did not speak against him publicly, it was clear that the manager was not happy. It is indicative of Ed Woodward’s statement that he backs the manager for the club to win more trophies.
Profits and Other Highlights
Manchester United have confirmed that they had an operating profit of £44.1million in the 12-month duration ending on 30th June. Ed Woodward himself has caught some recent flak from fans for not investing enough to sign players. The profit margin and the new partnerships might enable the club to invest more.
Besides the statement by Ed Woodward, Manchester United have released their financial growth in this quarter. The highlights in the press release also contained –
- Gross commercial revenue up 33% to €3.2 billion.
- 5 global partnerships, 1 regional partnership; and 1 financial services partnership.
- Established Manchester United Women’s Football Club competing in the 18/19 FA Women’s Championship