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Manchester United announce record annual revenue of £433.2 million

Manchester United have announced record annual revenue of 433.2 million pounds ($698.58 million) in their 2013-14 financial results -- but admitted they expected their income to drop by around 40 million pounds ($64.52 million) next year as they pay the price for their failures last season.

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The 2012-13 Premier League champions saw their income rise by 19 percent as a result of large increases in their commercial and broadcasting revenue and their record, 750 million-pound 10-year kit sponsorship deal with Adidas.

But United are not competing in Europe for the first time in 25 seasons after only finishing seventh in the Premier League, and admitted they project their income for the next financial year to be between 385-395 million pounds.

The club will miss out on the money they tend to receive in television rights for participating in the Champions League and will have fewer home games, which bring in more than three million pounds per match.

United revealed they spent 5.2 million pounds in compensation to former manager David Moyes, who was sacked in April, and his coaching staff.

They still recorded a profit of 23.8 million pounds after a net spend of 78.9 million pounds on transfers in a period when they bought Marouane Fellaini, Juan Mata and began their record-breaking 153 million-pound summer spending spree, but that does not include the fees paid for their most recent acquisitions: Luke Shaw, Marcos Rojo, Angel di Maria, Radamel Falcao and Daley Blind.

United's broadcasting revenue rose 33 percent as a result of the new Premier League television deals and their commercial revenue went up 24 percent to a record 189 million pounds.

The financial results will please the Glazer family, but next year's results are set to drop after the on-pitch failures of 2013-14.

The club's gross debt has been reduced by 48 million pounds from 389 million pounds to 341 million pounds.

United's executive vice-chairman Ed Woodward said the growth in revenues and the recent signings meant the club was looking forward to "a new chapter in our history."

"We are very proud of the results achieved in fiscal year 2014 as we once again generated record revenues and EBITDA driven by our commercial and broadcasting businesses which delivered impressive year over year growth," he said.

"We also recently announced a record breaking deal with Adidas and very much look forward to launching this partnership next summer. 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."

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