LONDON — Fresh from securing a record-extending 20th English title, Manchester United is also keeping up its success off the pitch by producing record revenues while reducing its debts.
United said Thursday it is on course to generate more than 350 million pounds ($545 million) this season after earning a record 91.7 million pounds ($143 million) in the three months to March 31.
But the title triumph has come at a price, with the wage bill rising 25 percent year-on-year to 44.9 million pounds ($70 million) in the third quarter.
The club, which is owned by the American Glazer family, has reduced its debt to 367.6 million pounds ($572 million) — a drop of 16 percent in nine months — in part by using the proceeds of the flotation on the New York Stock Exchange in August. United shares, which made a lackluster market debut at $14, closed at $18.41 on Wednesday.
Net profit more than trebled year-on-year to 3.6 million pounds ($5.6 million) in the third quarter.
While United is 14 points ahead of deposed champion Manchester City with three games remaining, the team exited the Champions League in the last-16 phase to Real Madrid.
But vice chairman Ed Woodward said there is no need for "meaningful investment" in the offseason after a "phenomenal season."
"I wouldn't expect there to be a need for a major retooling of the squad, we have fantastic depth," Woodward said on a conference call with investors. "We are very comfortable with the makeup of the team and the squad ... we could put two first teams out with 11 internationals."
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