Manchester United: net debt grew by 18% in the first quarter of 2016-17, reflecting "Brexit" effects

The net debt of Manchester United FC (Premier League) grew by 18% between 30/09/2015 (£286.2m / €386.4m) and 30/09/2016 (£337.7m / €388.4m), primarily reflecting "a strengthening of the US dollar" compared to the British pound, said the English club at the presentation of its first quarter results for 2016-17 (from 01/07 to 30/09/2016), on 17/11/2016.

Part of the Manchester United debt is held in US dollars, which the club reimburses in pound sterling. The conversion rate between the dollar and the pound fell from 1.5128 on 30/09/2015 to 1.2941 one year later. Between the referendum in favour of "Brexit" on 23/06/2016, and 09/30/2016, the pound has lost 12.7% of its value against the US dollar, and 12.2% compared to the euro.

Manchester United reported £120.2m (€138.2m) in revenue in Q1 2016-17, down slightly by 2.8% over 12 months (£123.6 m / €166.9m). Despite the increase in commercial revenue (£74.3m / €85.5m, +4.4%) and audiovisual revenue (£29.1m / €33.5m, +5.4%), the club saw its matchday revenue fall sharply by 32.3% (to £16.8m / €19.3m), due to its non-participation in the…