Manchester United share price drops as Ed Woodward refuses to rule out January signings
Manchester United's share price fell three per cent in early trading on the New York Stock Exchange, suggesting investors are not immediately impressed with the club's record annual revenue of £433m.
Manchester United reported strong financial results this morning, with the club's various revenue streams boosted by multiple new sponsorship deals and increased income from TV rights.
However, the club warned that it expected revenue to fall by around £58m to £48m next year, with United’s poor seventh-placed finish last season depriving them of any revenue from European competition this season. Executive vice chairman Ed Woodward said the projected figure was based on a 3rd placed finish in the league this season.
In a bid to quickly re-take their place among the elite, United spent a record-breaking £169.6m on new players this summer, and Woodward refused to rule out further activity in the January transfer window.
We don’t intend to significantly increase the cap ex (capital expenditure) in January.We will continue to monitor, in association with Louis, his view of the squad and which areas we want to strengthen and which areas we want to sell.The usual three in, three out is par for the course in the numbers in and out each year, typically in the summer.I wouldn’t have expectations for January, but if there is a willingness from the manager, we will engage with him and if there is an opportunity, we will try and take that as we did last year with Juan Mata.
Shares are currently priced at $15.11 per index.