Manchester United post record £122.9m revenue

Major increases in sponsorship and broadcasting rights deals allowed the Red Devils to announce unprecedented income, despite a 16 per cent yearly rise in wage spending
Manchester United have announced a record revenue of £122.9 million in their quarterly financial results.

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

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

Spending on player and staff wages showed a £7.4m increase from one year previously, representing a 16% 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 giants Bayern Munich in 2013.

Despite the revenue rise and an adjusted net income of £19.8m (an increase of 4.2%), however, the Red Devils' gross debt stands at £356.6m.