Manchester United announce record turnover

Manchester United squad before their Liverpool clash

The 20-time English Premier League champion club Manchester United have announced a record annual revenue of £363.2 million, a rise of 13.4% for the business year that ended on June 30, 2013.

The club’s commercial revenue saw a change by 29.7% to £152.5m resulting in it being the club’s most significant rise.The club’s debt has also fallen down by 10.9% to £389.2 million. The adjusted profit for the time period was £17.2m.

It was also stated in the results that net finance increased £21.3m to £70.8m, primarily due to a £22m premium paid to buy back some of its bonds, which will save interest payments in future years.

The Manchester club’s communnnications director Phil Townsend suggested that plenty of funds were available for David Moyes but he only managed to sign Marouane Fellaini.

“The club has always backed the manager in the transfer market, as Sir Alex (Ferguson) has said on many occasions and it will continue to do so,” said Townsend in a letter to fans who wrote to United for an explanation of what appeared an under performing transfer window.

“The club has demonstrated its belief in, and commitment to, David Moyes through the award of a six-year contract. Allowing him to shape the future Manchester United team is a long term project not an eight-week panic.

“He must be given time to assess his new squad and come to his own decisions on which players he feels will strengthen it. Additional resources were there to add to that but it was not possible to agree with other clubs for the right players to leave.

“The key point there is that the players we buy have to be the right ones for Manchester United; not just any player.”

United have also signed five-year deals with the banking organisations that will see them become official financial services partners in Qatar and United Arab Emirates respectively.