No Champions League Football? Man United Become First UK Club To Earn Over £500m In A Year

With a profit of £68 million and a total revenue of £515.3 million ($683.5m) for the year ending June 30, 2016, Manchester United have become the first British club to make over half-a-billion pounds in a year.

Despite paying out £8.4million to sack Louis van Gaal, only Barcelona – with £570 million – earned more, with United forecasting that they will generate income of between £530million and £540million in 2017 – even though it is not in the Champions League this season.

In a year when it won the FA Cup, the Old Trafford club also signed 14 sponsorship deals, and saw commercial, matchday and TV revenues all went up.

Following the news, executive vice-chairman Ed Woodward set his sights on returning United to “the pinnacle of our sport.”

Speaking in his conference call on Monday, he said: “Jose Mourinho’s appointment is a reflection of our determination to return to the pinnacle of our sport. We are writing the next chapter in our history.”

“Our record fiscal 2016 financial performance reflects the continued underlying strength of the business and the club is on target to achieve record revenues in 2017, even without a contribution from the Champions League.”

“This strong financial performance has enabled us to invest in our squad, team management and facilities to position us to challenge for, and win, trophies in the coming years.”

Their £515m figure for 2015-16 was short of Barcelona’s, revealed in July, as the Spanish club announced earnings of £570m, having benefited from a stronger Euro against the pound post-Brexit.

United, who agreed a 10-year £750m ($1.28 billion) contract with adidas – the biggest deal in sports-licensing history – in 2014, have a net debt that is £260.9m, but commercial revenue has soared to £268.3m, which is an increase of 36.3 percent over the prior year.

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