Manchester United just hired a new CFO to manage its massive $330 million annual payroll
Manchester United has hired Cliff Baty as its new chief operating officer.
Baty is joining the Premium League club from Sportech plc, a leading pool betting operator and technology supplier.
Baty will be responsible for managing the most expensive wage bill in the premier league. The club forks over £215m ($330.5 million) per year in player salaries, According to Totalsportek.
United's Executive Vice Chairman, Ed Woodward, announced the hire.
"We are very pleased to welcome Cliff to the Club. He is a proven finance executive who brings a wealth of international business experience, and will be an excellent addition to our senior management team," he said.
Baty has served as the CFO and a member of the board at Sporttech since 2013. He also served for several years in numerous senior finance roles at Ladbrokes plc, including finance director of its eGaming and International businesses. He was previously a group financial controller of Hilton Group plc.
Baty steps into a demanding role at one of football's most popular clubs. The team claims 659 million followers among its global community.
Baty announced his Sportech departure in the middle of talks to sell itself to Canada's Contagious Gaming Inc. According to SBS, "Baty's contract has a notice period of 12 months but his actual departure date would be revealed later."
The Guardian lists the club's major finances that Baty will now be responsible for managing:
- Turnover £433 million ($665.698 million)
- Gate and matchday income £108m ($166.040 million)
- TV and broadcasting £136m ($209.087 million)
- Commercial activities £189m ($290.570 million)
- Wage bill £215m ($330.543 million)
- Wages as proportion of turnover 50%
- Profit before tax £41m ($63.033 million)
- Net debt £275m ($422.787 million)
- Interest and finance costs £28m ($43.047 million)