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Premier League: Manchester United make record quarterly profit despite disastrous season so far

Manchester United made a record revenue of £122.9 million in their quarterly financial results ending on December 31, 2013, the club has revealed.

The Premier League champions also revealed a 39.4 per cent increase in sponsorship revenue as a result of six major new deals, with an 18.7% rise in broadcasting revenue as a result of new rights deals agreed by the Premier League also a factor.

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, said in a statement: “We once again achieved a record revenue quarter with strong contributions from our commercial and broadcasting businesses despite the current league position, which everyone from the Team Manager down has acknowledged is disappointing."

"We continue to see meaningful opportunities to grow our commercial business and the popularity of football on TV is leading to continued broadcasting revenue growth – all of which bodes well for the long-term stability and financial strength of our business. We are also very pleased to have added a world class player in Juan Mata to our squad, who has already made a positive impact."

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