Manchester United announce record profits

 Man United become first UK club to earn over half a billion pounds in a year

Manchester United have announced total revenue of £515.3 million ($683.5m) for the year ending June 30, 2016.

United have taken a record profit of £68m and in the process have become the first UK club to earn over half a billion pounds in a single year. However, that figure is short of the £570m in annual revenue that Barcelona announced in July.

United are also on target for record revenues again over the next year, despite failing to qualify for the Champions League, having been helped by the huge rise in broadcasting income for this season.

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."

Looking ahead, Woodward highlighted the effect world record signing Paul Pogba has already had, saying that the impact on Facebook was "more than Bale and Neymar combined."

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.

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

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

They also had to write off £6.7m as an asset because Bastian Schweinsteiger is "no longer considered to be a member of the first-team squad."

In a season when they won the FA Cup, United also saw matchday and TV revenue rise and signed 14 sponsorship deals.

Woodward had previously been reported as saying: "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."