Manchester United Finances H1 2022/23

Getting Away With It

Manchester United have announced financial results for the first half of 2022/23, incorporating the first 6 months of the season which cover July to December 2022. Although very few clubs publish interim accounts, there are still some interesting indicators in United’s figures.

This has been a somewhat challenging season for United to date, including a shocking 7-0 defeat to Liverpool, but there are signs of recovery under Erik ten Hag. The team has already won the Carabao Cup and is currently sitting in fourth place in the Premier League.

They also still have the chance to win two more trophies, as they have reached the semi-finals of the FA Cup and quarter-finals of the Europa League.

Overview

Manchester United’s pre-tax loss for the first half increased from £22m to £25m, so there was relatively little overall movement. Revenue was slightly down by £1m from £312m to £311m, while profit from player sales fell £3m to £14m. Operating expenses reduced £3m (1%) to £331m, but net interest payable rose £2m (10%) to £19m.

Loss after tax also increased by £3m from £17m to £20m. The result was a bit better than the pre-tax result, due to a £5m tax credit.

Although Manchester United’s revenue was basically flat, this disguised two large offsetting movements. Commercial shot up £37m (29%) from £129m to £166m, but broadcasting dropped £36m (28%) from £130m to £94m. Match day fell slightly by £2m (4%) from £53m to £51m.

Manchester United’s wages decreased £26m (14%) from £186m to £160m, though player amortisation grew £11m (15%) from £73m to £84m and other expenses rose £23m (41%) to £80m.