Manchester United raises annual forecast amid Champions League return
MANCHESTER United on Tuesday (Jun 27) raised its forecasts for annual revenue and adjusted profit, betting on strong commercial and matchday income as the English football club returns to the Uefa Champions League.
Manchester United, which is currently in talks to sell itself, said it was expecting revenue of between £630 million (S$1.1 billion) and £640 million, compared with its previous forecast of between £590 million and £610 million.
The US-based Glazer family, which owns the club, said in November they were considering a sale of the 20-times English soccer champions in what could be the biggest sports deal ever.
They received several bids, including from Sheikh Jassim bin Hamad al-Thani of Qatar, British billionaire Jim Ratcliffe and Finnish businessman Thomas Zilliacus.
Reuters reported earlier this month that the club is negotiating granting exclusivity to the consortium led by the Qatari Sheikh in talks to sell itself for more than US$6 billion.
There were no updates on the deal from Manchester United on Tuesday and its US-listed shares fell 1.4 per cent in premarket trading.
Manchester United also raised its adjusted profit forecast to between £140 million and £150 million for the year, compared with its previous forecast of between £125 million and £140 million.
For the third quarter ended Mar 31, net loss stood at £5.6 million, compared with £27.7 million in the same period last year. REUTERS
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