Manchester United's Profits Up 79 Percent On Tax Credit

Manchester United, the world’s most valuable sports team, reported fiscal 2012 profits of 23 million pounds ($37 million) today, 79% higher than the previous year.

Although the English soccer team’s revenue were 320 million pounds ($518 million), 11 million pounds lower than last year, the bottom line improved due to a 28 million pound ($45 million) tax credit. Manchester United’s operating income (earnings before interest, taxes, depreciation and amortization) was 92 million pounds ($149 million) for the year ending in June 2012, down 16% from the prior year.