The club disclosed their results for the financial year 2017-18 at lunchtime in which they announced record revenues of £590m but also revealed wages had gone up £32.4m to £295.9m, thanks mainly to Champions League bonuses.
‘Everyone at the club is working tirelessly to add to Manchester United’s 66 and Jose’s 25 trophies,’ Executive Vice Chairman Woodward said.
Ed Woodward, Executive Vice Chairman, appeared to send a warning to Jose Mourinho
‘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.’
Despite record revenues the club’snet debt, which dates back to the Glazer family’s leveraged 2005 takeover, stands at £253.7m, which is a rise of £40.6m.
The club say this is down to a decrease in cash and that the gross US debt remains unchanged.
The Red Devils are paying former Arsenal forward Alexis Sanchez £500,000-a-week
The figure overtakes the last year’s £581m, which also set a record. In 2015-16 it was £515.3m, which represented the first time a British club had broken through the half-a-billion barrier. United made a £44.1m profit, down from £80.8m last season.
Commercial revenue, which fell compared with the same quarter last year, grew by just £0.6m, while sponsorship revenue rose by £1.7m. Retail and merchandising fell by £1.1m, year on year.
Broadcast revenue rose by £10m thanks to United finishing runners-up last season, while cash taken from matchdays was down £19.4m, thanks primarily due to the impact of the club progressing to the Europa League final in the previous campaign.
Earlier this month, cross-city rivals Manchester City announced that they had broken through £500m for the first time in their 2017-18 accounts, posting turnover of £501.5m and a profit of £10.4m.
United’s net debt, which dates back to the Glazer family’s takeover, stands at £253.7m
Original Article: https://www.dailymail.co.uk/sport/football/article-6205597/Ed-Woodwards-warning-Jose-Mourinho-Manchester-United-wage-bill-soars-300m.html?ns_mchannel=rss&ito=1490&ns_campaign=1490