Manchester United’s profit rises as club looks to Jim Ratcliffe for on-pitch success

The Premier League club, which was knocked out of the UEFA Champions League, reported a net income of 20.4 million pounds for the three months ending on December 31.

FILE PHOTO: Ratcliffe struck a long-awaited deal in December to buy a 25% stake in the club and take charge of its football operations | Photo Credit: AP

Manchester United is looking to new co-owner Jim Ratcliffe to help “deliver success on the pitch”, it said on Tuesday, after broadcasting revenue from the lucrative UEFA Champions League boosted the club’s second-quarter profit.

The Premier League club, which was knocked out of Europe’s top-tier competition late in the quarter, reported net income of 20.4 million pounds (USD 26.10 million) for the three months ended December 31, compared with 6.3 million pounds a year earlier.

“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,” finance chief Cliff Baty said in a statement.

Ratcliffe struck a long-awaited deal in December to buy a 25% stake in the club and take charge of its football operations to try to revive its fortunes on the pitch.

United, currently sixth on the Premier League table, cut its annual profit and revenue forecast in January, weeks after it was knocked out of the Champions League.

It kept that forecast unchanged on Tuesday.

Revenue at the club rose 35% to nearly 226 million pounds in the quarter.