Manchester United announces record revenue of more than £500M for 2016

London - Manchester United became the first British football club to earn more than half a billion pounds in a single year after announcing Monday a total revenue of £515.3 million for the year ending June 30, 2016.

The Premier League giants also declared a record operating profit of £68.9 million.

United's continuing financial success, despite not winning the Premier League last season and failing to qualify for Europe's lucrative Champions League, allowed new manager Jose Mourinho to splash out a world record £89 million on signing midfielder Paul Pogba from Italian side Juventus during the recent transfer window.