Manchester United executives have admitted to the team’s frankly dire performance on the pitch this season, in their latest quarterly report – released in New York this morning.
Off the pitch, United are doing pretty darn well – the club raked in £122.9m in the final three months of last year, up 11.6 per cent on a year earlier.
The Red Devils continue to have an enviable commercial stream, making £42.3m in the three months alone.
They earned over £100m in the second half of last year – hugely ahead of most of their rivals.
Yet on the pitch, United lie in lowly seventh position in the Premier League – nine points behind a top four position that they need to qualify for next season’s Champions League (unless, as is looking extremely unlikely, David Moyes’ team somehow wins the top European competition this season).
Executive vice-chairman Ed Woodward said: “We once again achieved a record revenue quarter with strong contributions from our commercial and broadcasting businesses despite the current league position, which everyone from the team manager down has acknowledged is disappointing.”
United travel to Arsenal tonight, their latest bid to turn around what’s been a miserable season for Moyes and his players.