Manchester United have become the first English club to break the £500 million revenue barrier, according to their financial results for 2015-16.
The Reds recorded a total revenue of £515.3 million for the year, up 30.4% from £395.2 million the year before, also making a record profit of £68 million after the new kit deal with Adidas kicked in last season, as well as new sponsorship agreements with the likes of New Era and Columbia.
The total wage bill has also increased to £232.2 million, no doubt due to the likes of Zlatan Ibrahimovic, Eric Bailly, Henrikh Mkhitaryan and Paul Pogba signing hefty deals to strengthen José Mourinho’s side this summer.
The results for the fiscal year also revealed that former manager Louis van Gaal and his staff were paid a total of £8.4 million in compensation to relieve them from their contracts last season. That is a hefty sum but results dictated that the Dutchman could not see out the remainder of his time at Old Trafford and fresh leadership was needed at the helm.
United have forecasted even better results for the fiscal year of 2016-17, predicting revenue of £530 to £540 million, a £15 million increase on the previous year.
Speaking about the results, 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. 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.
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