Premier League

Manchester United predict record revenue for 2016-’17 season

“We are forecasting better financial performance than expected and have raised our revenue and profit guidance,” said United executive Ed Woodward.

Manchester United predicted a record rise in annual revenue to between £560 million ($721.8 million, €652.4 million) and £570 million in their latest quarterly financial figures released on Tuesday. United had previously told investors to expect revenue of between £530 million and £540 million for the 2016-17 financial year.

Broadcast revenue for the quarter rose by 12.9 percent to £31.4 million, largely due to the Premier League’s new bumper television rights deal taking effect. “We are forecasting better full-year financial performance than expected and as such have raised our revenue and profit guidance for the year,” said United executive vice-chairman Ed Woodward in a press release.

“We look forward to a strong finish to 2016-’17, both on and off the pitch.” United failed to qualify for this season’s Champions League, but their exploits in the Europa League have helped them to record strong financial results.

They have won the League Cup in Jose Mourinho’s first season as manager and will face Ajax in the final of the Europa League, the only tournament they have never won, on May 24. They must win the Europa League to qualify for next season’s Champions League, having failed to secure a top-four finish in the Premier League.

United will see a 30 percent reduction in their sponsorship deal with Adidas – a loss of £21 million if they do not reach the Champions League, spread out over the remaining eight years of the contract.

Despite that, Woodward told investors in a conference call that United have made “tremendous progress on and off the pitch” under Mourinho. United will receive 6.5 million euros in prize money if they win the Europa League and 3.5 million euros if they lose the final.

The club’s operating expenses rose 27 percent to £129.8 million, partly due to the contracts offered to new signings including Paul Pogba and Zlatan Ibrahimovic. United also hired a significant number of new non-playing staff members. Net debt rose by £17.6 million to £366.3 million, which the club said was due to the strengthening US dollar.

We welcome your comments at letters@scroll.in.
Sponsored Content BY 

Watch Ruchir's journey: A story that captures the impact of accessible technology

Accessible technology has the potential to change lives.

“Technology can be a great leveller”, affirms Ruchir Falodia, Social Media Manager, TATA CLiQ. Out of the many qualities that define Ruchir as a person, one that stands out is that he is an autodidact – a self-taught coder and lover of technology.

Ruchir’s story is one that humanises technology - it has always played the role of a supportive friend who would look beyond his visual impairment. A top ranker through school and college, Ruchir would scan course books and convert them to a format which could be read out to him (in the absence of e-books for school). He also developed a lot of his work ethos on the philosophy of Open Source software, having contributed to various open source projects. The access provided by Open Source, where users could take a source code, modify it and distribute their own versions of the program, attracted him because of the even footing it gave everyone.

That is why I like being in programming. Nobody cares if you are in a wheelchair. Whatever be your physical disability, you are equal with every other developer. If your code works, good. If it doesn’t, you’ll be told so.

— Ruchir.

Motivated by the objectivity that technology provided, Ruchir made it his career. Despite having earned degree in computer engineering and an MBA, friends and family feared his visual impairment would prove difficult to overcome in a work setting. But Ruchir, who doesn’t like quotas or the ‘special’ tag he is often labelled with, used technology to prove that differently abled persons can work on an equal footing.

As he delved deeper into the tech space, Ruchir realised that he sought to explore the human side of technology. A fan of Agatha Christie and other crime novels, he wanted to express himself through storytelling and steered his career towards branding and marketing – which he sees as another way to tell stories.

Ruchir, then, migrated to Mumbai for the next phase in his career. It was in the Maximum City that his belief in technology being the great leveller was reinforced. “The city’s infrastructure is a challenging one, Uber helped me navigate the city” says Ruchir. By using the VoiceOver features, Ruchir could call an Uber wherever he was and move around easily. He reached out to Uber to see if together they could spread the message of accessible technology. This partnership resulted in a video that captures the essence of Ruchir’s story: The World in Voices.

Play

It was important for Ruchir to get rid of the sympathetic lens through which others saw him. His story serves as a message of reassurance to other differently abled persons and abolishes some of the fears, doubts and prejudices present in families, friends, employers or colleagues.

To know more about Ruchir’s journey, see here.

This article was produced by the Scroll marketing team on behalf of Uber and not by the Scroll editorial team.