Manchester United post record profits

LONDON: Manchester United announced record revenues and operating profits on Thursday despite missing out on the riches of the Champions League last season.

The Old Trafford club earned revenues of £581.2 million ($783 million, 659 million euros) in the 12 months to the end of June and made an operating profit of £80.8 million.Debt, linked to the purchase of the club by the Glazer family in 2005, dropped to £213.1 million from £260.9 million a year previously.

Broadcasting revenue rocketed by 38.2 percent to £194.1 million following the Premier League’s new rights agreement.Despite finishing sixth in the Premier League last season, United qualified for this season’s Champions League by virtue of winning the Europa League and also won the League Cup in Jose Mourinho’s first season in charge.

Earlier this year, financial analysts Deloitte revealed United had returned to the top of football’s rich list for the first time since 2005, supplanting Real Madrid thanks to revenues of £515 million.

In June, US magazine Forbes said the Manchester giants had overtaken Real Madrid as the world’s most valuable football team thanks to the club’s enduring brand appeal and aggressive sponsorship strategies.

“We concluded a successful 2016/17 season with a total of three trophies (including the Community Shield) and a return to Champions League football,” said executive vice chairman Ed Woodward.