Manchester United (NYSE:MANU) revenues hit a record of £590 million, in part due to earnings from TV rights.
The football club reported revenues of £590 million in the year to June-end, up 1.5 percent from 2016. The club said they expect to surpass £600 million next year.
Moreover, TV revenue grew 5.2 percent to £204 million, after the club came second in the Premier League last season, compared to sixth in the previous season.
However, the club’s lack of success in Europe meant a big fall in revenue across the period.
Specifically, Revenue for the three months to 30 June fell 16 percent to £147.6 million after the team failed to progress into the quarter finals of the Champions League.
Executive vice chairman Ed Woodward said of the earnings:
“Our increased revenue expectation for the year demonstrates our continued strong long-term financial performance which underpins everything we do and allows us to compete for top talent in an increasingly competitive transfer market.”
Despite the arrival of Jose Mourinho as manager back in 2016, the club have failed to secure a trophy in recent years.
Reports have been circulating in recent months that Woodward and Mourinho are at odds with regards to player transfers.
Nevertheless, Mr Woodward dismissed these claims, stating:
“Everyone at the club is working tirelessly to add to Manchester United’s 66 and Jose’s 25 trophies. That is what our passionate fans and our history demands.
“We are committed to our philosophy of blending top academy graduates with world class players and are proud that, once again, last season we had more academy graduate minutes on the pitch than any other Premier League club.”
Manchester United is listed on the New York Stock Exchange, and was ranked the highest earning club for the 2016-17 season.
Shares in the club are currently trading +0.82 percent as of 14.56PM (GMT).