Manchester United have announced financial results for the first half of 2023/24, incorporating the first six months of the season which cover July to December 2023, in other words before Sir Jim Ratcliffe’s purchase of a minority stake. Manchester United’s pre-tax loss narrowed from £25m to just £6m, as revenue increased by £72m (23%) from £311m to a first half record of £383m and profit on player sales more than doubled from £14m to £30m. However, this was accompanied by operating expenses rising £52m (16%) to £383m, while net interest payable also increased by £16m (85%) from £19m to £35m. The revenue growth was driven by the return to the Champions League, which drove large increases in both broadcasting, up £52m (55%) from £94m to £146m, and match day, up £24m (47%) from £51m to £75m. This was partially offset by lower commercial, which fell £4m (2%) from £166m to £162m. The impact of interest payable on United’s accounts is striking, amounting to £35m in the first half,
For the second time this Premier League season, a points deduction for breaching its profit and sustainability rules (PSR) has dragged a club down the table and into the relegation zone. First it was Everton, whose initial 10-point penalty last November was recently reduced to six on appeal, and now it is Nottingham Forest. A four-point deduction, confirmed by the Premier League on Monday has pushed Nuno Espirito Santo’s side from 17th to 18th, suddenly a point adrift of safety. This is what a Premier League commission called a “significant” breach of PSR. Forest were allowed permissible losses of £61million ($77.6m) as a promoted club in 2022-23 but were found to have exceeded that threshold for a three-year period by the very precise sum of £34,536,000. Forest have never contested the breach, either at the point of charge or during a two-day hearing held this month in London, but always maintained that the “uniqueness” of their situation warranted leniency. They said they were