Man Utd record profits almost double to £59.6m

Manchester United have announced new record profits of over £59 million for the past year.

Profits in the year to last June nearly doubled, soaring from £30.8m in 2006 to £59.6m, on the back of rocketing sponsorship, media and matchday revenues - boosted by the extended Old Trafford capacity to 76,000.

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Group turnover increased 27 per cent from £165m to £210m, while the gross figure, which includes sales from Nike merchandise and the TV station MUTV, was up 21 per cent to £245m - a record for any British club.

Chief executive David Gill said the results were 'remarkable' and was optimistic that this year's turnover figure would be higher still. Income from the Champions League will be higher, as United entered as champions, he said.

More importantly, the impact of the current £2bn TV deal will be seen next season.

"This will represent a hike in domestic broadcast revenues for all clubs of 50-60 per cent. Going forward we also expect sponsorship revenues to increase and we'll also see the impact of the rise in ticket prices too.

"The outlook is promising - football's popularity is growing globally - and we have 139 million core fans."

Asked about the debt level, and whether plans are afoot to refinance further, Mr Gill said: "The financial position of the club is not something that worries us. Clearly the cash from these results will be used partly to service the debt and also to reinvest in players.

"The banks would not have lent money to the club if they didn't feel there was a sensible structure in place.

"The 2006 refinancing was long term so there's no pressure to do anything further. Like any business we're always looking at ways to reduce costs."

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