London, Sep 12 (IANS) Revenue at English football giants Manchester United has topped half a billion pounds for the first time, the club revealed on Monday in its annual report.
The report also revealed that parting company with former manager Louise van Gaal and his coaching team cost the club 8.4 million pounds ($11.2 million) in compensation, reports Xinhua.
Reporting its finances for the year to June 30, this year, MUFC said the club generated revenues of 515.3 million pounds ($685 million), up by 30 percent on a year earlier.
Commercial revenue, at $357 million was 36 percent higher than the previous year, and income from broadcasting rights increased by 30 percent to $187 million, boosted by the club’s participation in European competitions.
The club reported a record operating profit of 68.9 million pounds ($92 million). Income from its match days at its stadium in the city was $142 million, up by 18 percent and again helped by United’s participation in European competitions plus progression in the domestic cups.
The club said its revenue was boosted by winning the FA Cup for a record equalling 12th time, an increase in English Premier League (EPL) broadcasting rights and the announcement of 14 new sponsorship deals.