Manchester United earn more than £500m in a year
 

LONDON: Manchester United became the first British football club to earn more than half a billion pounds in a single year after an**uncing on Monday total revenue of £515.3 million ($683.5 million, 608.9 million euros) for the year ending June 30, 2016.

The Premier League giants also declared a record operating profit of £68.9 million.

Their figures also saw United return to the black, following a net annual loss of £900,000, with a net profit of £36.4 million.

However, United’s annual revenue figure was still shy of the 679 million euros (£570 million, $762 million) declared by Barcelona in July.

United’s continuing financial success, despite **t winning the Premier League last season and failing to qualify for Europe’s lucrative Champions League, allowed new manager Jose Mourinho to splash out a world record £89 million on signing midfielder Paul Pogba from Italian side Juventus during the recent transfer window.

Although United won the FA Cup, a fifth-place finish in the 2015/16 Premier League season saw Dutch manager Louis van Gaal sacked and replaced by former Real Madrid and Chelsea boss Mourinho.

United’s revenue is forecast to rise to between £530 to £540 million at the end of the next financial year and executive vice-chairman Ed Woodward said: “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.

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