Man Utd report record revenue
Manchester United have posted a record annual revenue figure of £433.2 million ($883.9m) as well as a profit of £23.8m for 2013/2014 despite a disastrous season on the pitch.
The Red Devils endured a tumultuous season following the retirement of legendary manager Sir Alex Ferguson.
They finished the English Premier League season in a disappointing seventh place under his handpicked successor David Moyes, causing them to lose out on a place in European football for the first time since 1990.
United's dismal performances cost Moyes his job and the club's report revealed that the former Everton manager and his sacked staff received £5.2m in compensation.
According to the Mail Online, projections indicate that United's revenue will dip by 10 per cent as a result of their failure to qualify for the Champions League.
Despite the turmoil at the club, executive vice-chairman Ed Woodward is happy with United's business dealings.
He is confident that the football side of things will get better under the stewardship of Louis van Gaal.
Woodward said: "We are very proud of the results achieved in fiscal year 2014 as we once again generated record revenues.
"With Louis van Gaal at the helm as manager, and the recent signing of some of the world's leading players to further strengthen our squad, we are very excited about the future and believe it's the start of a new chapter in the club's history.
"Louis' footballing philosophy fits very well with Manchester United and he has an impressive track record of success throughout his career, winning league titles with every club he has managed."
Sources: PA Sport, Mail Online