Manchester United's owners have set in motion the possible sale of up to 23 million of their shares, worth up to $400 million. The shares are being offered through Red Football LLC, the investment vehicle of the U.S.-based Glazer family, which has owned United since 2005. The news followed the announcement of record revenues for the club, the reigning champion of England's Premier League. ManUnited posted revenues of £363.2 million (€430.0m-$581.7m) for the year to June 30, 2013, up from £320.3 million in the previous year, while debt dropped from £436.9 million to £389.2 million (€460.8m-$623.4m). Adjusted Ebitda rose from £91.6 million to £108.6 million (€128.6m-$173.9m), and adjusted net income rose from £4.5 million to £17.2 million (€20.4m-$27.5m). Commercial revenues increased by 29.7 percent to £152.5 million (€180.6m-$244.3m) and now represent 42 percent of the total income. United predicts further increases for 2013/14 in turnover to between £420 million and £430 million and in adjusted Ebitda to between £128 million and £133 million. The club is currently renegotiating its kit supply contract with Nike as the existing 13-year deal, worth £303 million (€358.8m-$485.3m), expires at the end of the 2014-15 season.

Topics