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Lack of Champions League hits United revenues

Manchester United revenue was down £40m in the first six months of 2019/20 due to lack of Champions League participation. Manchester United net debt up £73m as cash reserves fell.

In the six months to December 2019 commercial revenue went up by over six per cent to £151m compared with the same period in 2018, reflecting the club's strength in this area. They are justified in being confident about it: Bullish over sponsorship future

Broadcast revenue fell by 33 per cent over the comparable period to under £100m at £97.6m. Matchday revenues were stable over the six month period. Operating profit fell by 18 per cent from just under £58m to £47.5m.

For 2020, the club expects its total revenues to be between £560m and £580m.

Kieran Maguire of the PriceofFootball notes a deterioration in the club's cash balance and comments: 'Main reason why Manchester United's cash position deteriorated so much since June is that the club paid out £187 million on transfer fee instalments (many relating to "old" signings) in the six months to 31 Dec 2019 with only £22 million coming the other direction.'

More later. Live coverage of Ed Woodward's conference call is available here: Manchester Evening News

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