The net loss of Manchester United narrowed by 20.6 percent to £18.1 million (€21.1m-$25.2m) in the third quarter ended March 31, in spite of a drop of 4.4 percent in overall revenues to £118.3 million (€138.0m-$164.5m). Adjusted Ebitda declined by 48.4 percent to £14.4 million (€16.8m-$20.0m), however. As all the matches were played behind closed doors during the quarter, matchday revenues plunged by 94.5 percent, but they were offset by 125.4 percent higher broadcasting revenues of £58.6 million (€68.4m-$81.5m). The English football club’s commercial revenues went down by 15.3 percent to £58.1 million (€67.8m-$80.1m) in spite of its success on the pitch, where it finished the season in second place on the English Premier League, earning a spot in next year’s UEFA Champion’s League. Among the commercial revenues, sponsorship revenues were off by 19.9 percent to £35.8 million (€41.8m-$49.8m) in the quarter, due to pandemic-related changes as well as a one-time credit taken in the year-ago period. Retail, merchandising, apparel & product revenues declined by 6.7 percent to £22.8 million (€26.6m-$31.7m), mainly due to the continued closure of ManU’s Old Trafford megastore, which welcomed back 10,000 supporters on May 18, after the Covid restrictions were lifted.