Manchester United (NYSE:MANU) raised its forecast for the full year after the football club secured a return to the lucrative Champions League competition that features the best teams in Europe.
The football business now expects to report adjusted Ebitda of £140-150 million (£1 = $1.272), up from the prior forecast of £125-140M. The revenue forecast is hiked to the range of £630-640M, compared to the previous £590-610M range.
For its third fiscal quarter, the company reported an adjusted loss per share of 7.41 pence on revenue of £170M. Sales rose 11.3% year-over-year despite Broadcasting revenue falling 1.6%
Still, Matchday revenue surged as much as 39.8% YoY as the 2022/23 season set a new record with a cumulative 2.4 million tickets sold. Commercial revenue rose 5.8%.
Manchester United didn’t share any updates pertaining to the takeover talks. The Glazer family, which owns the club, said late last year that they were considering a sale of Manchester United. It was widely reported that two bidders – Sheikh Jassim bin Hamad al-Thani of Qatar and British billionaire Jim Ratcliffe – are attempting to buy the club valued at over $6 billion.