Yahoo Finance Manchester Utd Sees Matchday Revenues Down
US-owned Manchester United (NYSE: MANU - news) football team has seen a huge drop in its net income for the second half of last year.
The team reported a drop in profit of 49% during the six months to the end of December.
Total (NYSE: TOT - news) half-year net income plunged from £36.7m in 2012 to £18.7m last year.
It also reported a fall in matchday revenue of 3.7% in the last quarter of the year.
The club said this was due primarily to playing one fewer home Premier League game.
The results come as the club struggles to qualify for the Champions League, a competition it has contested every year since 1995.
It has been a lucrative and reliable revenue stream for the team.
The decline in matchday revenue to £33.7m was offset by increased commercial and broadcast revenue of £89.2m.
The club, which is majority-owned by the Glazer family, saw staff costs at Old Trafford jump by 16.7% in the second quarter, up to £51.6m.
The leap in outlay was put down to "the impact of player acquisitions and renegotiated player contracts" in the second half of the year.
The outlay by the club does not include its most recent expensive player, Juan Mata.
The Spaniard joined the club in January for a record £37.1m.
Manager David Moyes has struggled to maintain the record of wins left by previous boss Sir Alex Ferguson.
The Red Devils most recently suffered a defeat in Stoke and draw at Fulham and now face Arsenal.
Sponsorship was up 39.4% in the second quarter of the reporting period due to global and regional contracts being started.
But other operating costs were up 29.3% in the second quarter to £20.3m, a result of partially blamed on foreign exchange losses.
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