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Manchester United's executive vice-chairman Ed Woodward has pledged a return to winning ways following a "turbulent season" for the Premier League team despite revenues continuing to improve off the pitch.
On Thursday, reporting third-quarter results covering three months to March 31st, 2019, the club said revenues were £152.1 million (€174.2m), an increase of 3.4 per cent compared to the same period last year. Pretax profits also rose to £11.1 million, up from £8.3 million from a year earlier.
The increases are mainly due to increased broadcasting revenue received for the team's extended run in the Champions League, where it reached the quarter-finals.
However United finished this season in a disappointing sixth place in the Premier League, outside the qualification places for next season’s Champions League competition.
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The failure is likely to hit revenues next season as the club will miss out on the more than €2 billion that will be distributed among participating clubs. Instead, the team will play in the Europa League, a lesser continental tournament in which only €510 million is shared between teams. – Copyright The Financial Times Limited 2019
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