Manchester United posts record revenue

Major increases in sponsorship and broadcasting rights deals allowed the Red Devils to announce unprecedented income, despite a 16 percent yearly rise in wage spending.
Manchester United has announced a record revenue of 149.5 million euros in the club's quarterly financial results.

Detailing the finances for the quarter ending on Dec. 31, 2013, the Red Devils declared a 39.4 percent increase in sponsorship revenue as a result of six major new deals.

There was also an 18.7 percent rise in broadcasting revenue as a result of new rights deals agreed by the Premier League.

Spending on player and staff wages showed a €9 million increase from one year previously, representing a 16 percent rise.

The club's executive vice chairman, Ed Woodward, welcomed the growth but lamented his side's "disappointing" league position in a statement accompanying the results.

The news comes in spite of United's drop from third to fourth in the Deloitte Football Money League, having been overtaken by German giant Bayern Munich in 2013.