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Manchester United financial report: Revenue soars as true cost of van Gaal sacking confirmed

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The 2016/17 financial report has been released, with Manchester United reporting record revenue levels as well as the amount of compensation paid to Louis van Gaal.

West Bromwich Albion v Manchester United - Premier League Photo by Michael Regan/Getty Images

In their yearly financial report, released today, Manchester United have announced record revenues of £515 million for the 2015/16 financial year, with a record profit of £68 million, becoming the first English club ever to post revenues of over £500 million.

The Old Trafford club’s revenue level is the second highest of any European club, trailing only Barcelona (£570 million) who have comparitively been aided by the strength of the Euro against the falling pound.

Commericial revenue is up 36 percent to £268 million, with the club’s net debt now standing at £260 million.

The prejection for the next financial year should see United’s revenue raise yet further, up to a figure as high as £540 million.

"Our 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.

"This strong financial performance has enabled us to invest in our squad, team management and facilities to position us to challenge for, and win, trophies in the coming years." Ed Woodward

As part of his accompanying statement, executive vice-chairman Ed Woodward also confirmed the cost of sacking Louis van Gaal and releasing his coaching staff at the end of last season.

"Exceptional costs for the year were £15.1 million," Woodward said. "Of which £8.4 million related to compensation to the former manager."