Manchester United, first English club to earn over half a billion pounds in a year

Football: English premier league giant Manchester United have become the first English club to earn more than half a billion pounds in a single year, as the Old Trafford club announced a total revenue of £515.3 million, for the year ending June 30, 2016, a 30 percent rise in fourth-quarter revenue.

Man United took a record profit of £68m but however, that figure is short of the £570m in annual revenue Barcelona announced in July.

United predicts lower earnings for the current year due to the club's absence in the Champions League after finishing fifth in the English Premier League last season but will play in the Europa league which is expected to reduce it's revenue in 2016-17 by more than 30 million pounds.

United expects 530-540 million pounds in revenue in the current year, up from 515 million due to new television deals for Premier League clubs.

The club's executive vice-chairman Ed Woodward is setting his sights on returning United to "the pinnacle of our sport."
Speaking at a conference call on Monday, Woodward 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."

Woodward also highlighted the effect world record signing Paul Pogba who joined Manchester United from Juventus for £89.3m has already had, saying that the impact on Facebook was "more than Bale and Neymar combined."

United, who agreed a 10-year £750m contract with adidas in 2014, the biggest deal in sporting history, have a net debt of £260.9m, but commercial revenue has risen to £268.3m, a 36.3 percent increase over the previous year.

The accounts also revealed that Louis van Gaal and his coaching staff sacking cost United £8.4m in compensation.

United's wage bill upped to £232.2m, as there was a rise in player's salaries due to Champions League participation.