Manchester United’s Profits Soar Despite Drop in Revenue

MANCHESTER, England (AP) - Manchester United's net profits soared by nearly 80 percent in the last financial year, despite a big drop in total revenue over the final quarter because of the team's group-stage elimination from the lucrative Champions League.

Accounts released on Tuesday, the first since the English club floated in New York last month, showed the club's total income fell for the year ending June 30, 2012, by 3.3 percent to 320.3 million pounds ($520 million), after a 25.4 percent decrease in the last three months.

However, United's net income was 23 million pounds compared to 13 million pounds last year, an increase of 79.2 percent.

Commercial revenues grew 13.7 percent to a record 117.6 million pounds thanks to a new kit sponsor and new media and mobile deals.

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