English Premier League (EPL) giant Manchester United were able to earn a record £515.3 million ($684.38 million) revenue for the year 2016. The Red Devils are the first English club in history to earn over half a billion pounds in a single year.
United had earned £395.2m ($524.95m) in 2015, which means that they have increased their revenue by £68.9m (91.46m) in one year, as reported by Sky Sports.
However, Ed Woodward, executive vice-chairman of the club have further revealed that United will extend their revenue next year, despite not featuring in the Champions League this season. The money will be invested in the squad to with an aim to challenge for more trophies in the upcoming years.
“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.” Woodward said.
The profit in 2016 was made despite the fact that the Red Devils had to pay a compensation of £8.4m ($11.15m) to former manager, Louis Van Gaal and his coaching staff. The Dutchman was fired ahead of the new season after failing to deliver results at Old Trafford.
The only feather in Van Gaal’s cap after two seasons in charge of the club was an FA Cup trophy. He managed to miss Champions League qualification in his second season, resulting in his dismissal.
Despite the encouraging financial signs, United’s wage bill has risen by £29.6m ($39.30m) to £232.2m ($308.31m) in a year’s time. This has largely been contributed by the contract renewals of existing players along with incentives for participating in the Champions League in the 2015-16 season.
Manchester United will aim to earn £540m ($716.9m) in revenues for the year 2017, as reported by Simon Stone of BBC.
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