Manchester United becomes first club to earn £500m in a year

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Manchester United becomes first club to earn £500m in a year

Manchester United have announced a total revenue of £515.3 million ($683.450) for the year ending June 30, 2016.
This means that the Red Devils, are the first UK club to earn over half a billion pounds in a single year.

United have failed to qualify for the Champions League for a second time in three years, but have splashed the cash on players to strengthen the squad.

Paul Pogba returned in a world-record £90m deal, while Zlatan Ibrahimovic also joined as a free agent. Eric Bailly and Henrikh Mkhitaryan have also signed for the Old Trafford outfit.

“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,” executive vice-chairman Ed Woodward said.

“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.”

United agreed a 10-year £750m ($1.28 billion) contract with adidas — the biggest deal in sports-licensing history — in 2014.