Sir Jim Ratcliffe to invest further £78m in Man Utd as revenue and wage bills soar


Sir Jim Ratcliffe is set to invest more of his millions into Manchester United in the near future as revealed by their latest set of financial accounts. The INEOS billionaire completed the purchase of a 25 per cent stake in the Red Devils last month and has since assumed control of football operations at Old Trafford.

The figures in United's second quarter financial results show that Ratcliffe invested over £156million into the club upon the purchase of his minority stake. Another investment of around £78m is set to follow in due course, according to the Daily Mail, with the 71-year-old wasting no time in plunging his money into the Red Devils.

United also confirmed record Q2 revenues of £225.8m, representing a 34.9 per cent increase. They are predicting unprecedented annual revenues between £635m to £665m, while their wage bill has increased by 23 per cent due to their involvement in this season's Champions League.

A £20.4m profit in Q2 helped United to reduce six-monthly losses to just £5.3m from £20.2m in 2022. For the fiscal year 2024, the club reiterated their previous revenue guidance of £635m to £665m and their previous adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) guidance of £125m to £150m.

Retail figures grew by 15.2 per cent thanks to the extension of United's kit deal with Adidas, which is thought to be worth a minimum of £900m over 10 years. Meanwhile, around £9.6m was paid in transaction fees relating to Ratcliffe's minority investment that was finally completed last month.

United's historic debt, relating to the Glazers' leveraged buyout, remains at £508.1m while net debt stands at £710m.

Chief financial officer Cliff Baty said: "We delivered strong revenues during the first half of the fiscal year and have reiterated our guidance for record revenues for the full fiscal year.

"This is an exciting time at Manchester United following the completion of Sir Jim Ratcliffe’s investment and we are all focused on working together with our new co-owners to drive the club forward and deliver success on the pitch."

Ratcliffe will be delighted to see the latest figures from Old Trafford indicating such hefty revenues in the early stages of his time at the club. Erik ten Hag, meanwhile, will be hoping to see that money reinvested into United's transfer budget in the summer if he remains in his post at the end of the season.

Adblock test (Why?)