Manchester United expecting record annual revenue as takeover saga continues
Manchester United have projected record annual revenue of up to £640million in the current financial year as the takeover saga surrounding the club rumbles on. United’s owners, the Glazer family, are weighing up offers for the club from Qatari banker Sheikh Jassim and Sir Jim Ratcliffe, the founder of chemicals firm Ineos. The Glazers first indicated they could sell by initiating a strategic review last November but the bidding process has dragged on. Reports have suggested Sheikh Jassim’s bid – which is for 100 per cent of the club – is now the most likely to be accepted. Sources close to the Qatari bid have indicated their eagerness to close the deal, with the summer transfer window now open. Supporters staged fresh protests against the Glazers at Old Trafford on Tuesday as the club launched the kit for next season. Revenue guidance for the current financial year was raised to a record £630m to £640m in the third quarter financial results for the period ending March 31, 2023, which were released on Tuesday. This is driven by record match attendance and matchday revenues. Ticket sales for the 2022-23 season surpassed the previous record set in 2016-17, with 2.4m sold. Global memberships also hit 360,000, which United said was the largest paid membership programme in world sport. Revenue for the third quarter was up 11 per cent on the same period last year. Broadcasting revenue was slightly down on the corresponding period due to the club being in the Europa League rather than the Champions League, but was partially offset by the club’s performance in domestic cup competitions. Cash and cash equivalents are at £73.7m, down from £95.8m in the same period last year, reflecting the investment that has been made in the team. However, the figure is £31m higher than in the second quarter, boosted by money coming in from sponsorship and ticket sales. Summer recruitment will not be affected by the results, according to sources close to the club, with enough cash available to enable United boss Erik ten Hag to invest in the team. The limiting factor is understood to be the requirement to stay within financial sustainability rules.
1970-01-01 08:00
Stormzy and Wilfried Zaha Team Up to Buy Non-league Croydon Athletic
Musician Stormzy and Crystal Palace star Wilfried Zaha are set to buy non-league club Croydon Athletic, their hometown
1970-01-01 08:00
Kim Kardashian’s Skims Is Opening Its First Stores Next Year
Kim Kardashian’s underwear label Skims plans to open its first permanent stores next year as it plots retail
1970-01-01 08:00
UK to work more closely with EU on financial services
The UK and EU pact is being seen as a step towards better relations over financial services.
1970-01-01 08:00
Wilfried Zaha and Stormzy to take over non-League AFC Croydon
Crystal Palace forward Wilfried Zaha and rapper Stormzy are set to become joint owners of non-League club AFC Croydon. The pair are part of a three-man consortium, along with former Palace head of player care Danny Young, that has agreed a deal to acquire the assets of the south London side, who play in the Combined Counties Football League Premier South Division – the ninth tier of English football. Croydon announced contracts had been exchanged with the existing ownership and the consortium “will own, operate and develop their childhood hometown football club”. A statement added: “Whilst completion is subject to legislative and governance procedures, the three consortium members are excited about developing a community asset in the borough that gave them their own opportunities. “They hope to take the entire community on this exciting journey with them.” Zaha, 30, was born in Ivory Coast but raised in the borough of Croydon. He is already involved in community projects in the area through his own charitable foundation and an Academy. Zaha tweeted: “May the journey begin.” The latest announcement comes at a time of uncertainty of over Zaha’s playing future, with his Palace contract set to expire at the end of this month. The player has been offered a new deal at Selhurst Park but is yet to commit and has been linked with other clubs in the Premier League, elsewhere in Europe and Saudi Arabia. Stormzy, 29, also hails from Croydon and has a long-standing friendship with Zaha.
1970-01-01 08:00
Roundup: Alix Earle, Braxton Berrios Are Dating; Connor McDavid Wins Hart Trophy; Shohei Ohtani Blasts 26th Homer
TikTok star Alix Earle is dating Braxton Berrios, Connor McDavid won his third Hart Trophy, Shohei Ohtani hit his 26th home run and more in the Roundup.
1970-01-01 08:00
British Supermarkets Deny Food Price Profiteering
Britain’s biggest supermarkets said they are keeping food prices as low as possible in response to questions from
1970-01-01 08:00
Europe to Open Artificial Intelligence ‘Crash Test’ Centers
The Europe Union is introducing “crash test” systems for artificial intelligence to ensure new innovations are safe before
1970-01-01 08:00
BOE’s Dhingra Sees Promising Signs Inflation Will Fall
Bank of England rate-setter Swati Dhingra expects the pressure on UK households from sticky inflation to ease after
1970-01-01 08:00
Ryan Mason to remain at Tottenham in assistant coach role under Ange Postecoglou
Tottenham have announced Ange Postecoglou’s coaching staff with Ryan Mason staying on at the club in an assistant coach capacity. Former Spurs midfielder Mason took charge of the final six matches of the 2022-23 campaign, but doubts were cast over his long-term future. Mason, 32, repeatedly stated his readiness for management during his second interim stint with his old side. However, the once-capped England international will remain at Tottenham as part of Postecoglou’s backroom set-up. Spurs have also recruited a number of other coaches to work with their new manager with Chris Davies, formerly Brendan Rodgers’ assistant at Leicester, named as senior assistant coach. Former Crystal Palace and Australia midfielder Mile Jedinak will begin work with Tottenham on July 1 as an assistant coach and Matt Wells, who returned to the club to help Mason during his interim spell, will remain involved in the first-team set-up. Rob Burch makes a return to Spurs as goalkeeper coach following spells with Fulham and Bournemouth. Read More Charity boss speaks out over ‘traumatic’ encounter with royal aide Ukraine war’s heaviest fight rages in east - follow live
1970-01-01 08:00
Byju’s Seeks to Raise $1 Billion to Sidestep Shareholder Revolt
Byju’s is in advanced talks with prospective new shareholders for a $1 billion fundraising round, seeking to stave
1970-01-01 08:00
HDFC, HDFC Bank’s $173 Billion Merger Creates a ‘Lucrative’ Arbitrage Trade
Fund managers in India have been jumping into a “lucrative” arbitrage trade ahead of a mega-merger that will
1970-01-01 08:00
