Manchester United’s earnings have reached a record breaking amount of £648.4 million in the Premier League.

Manchester United has announced a Premier League record revenue of £648.4m for the fiscal year ending on 30 June. This amount is 11% higher than the previous 12 months and surpasses the league’s previous record held by United in 2019. However, the club did report a loss of £42.1m.

Despite competing in the Europa League instead of the more profitable Champions League last season, United still managed to achieve record earnings. The club has projected a revenue range of £650m to £680m for the 2023-24 period.

Sir Jim Ratcliffe, the founder of Ineos chemicals company, is on the verge of acquiring a 25% ownership in the club, according to the announcement.

The report stated that United’s wage expenses decreased by £52.8m to £331.4m during the period. This was due to changes in the squad and their failure to participate in the previous season’s Champions League. The report also confirmed that the Glazer family, who are the owners of the club, did not receive any dividends.

In November of last year, the Glazers revealed that they had initiated a project to explore potential options for the growth of their club. This included exploring the possibility of selling the club. However, it seems that they have decided to maintain control, while Ratcliffe is said to be assuming control over the football operations.

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United’s long-term debt was reported to be £507.3m, with the same amount of $650m stated in the previous year’s accounts. However, due to fluctuations in the exchange rate, the equivalent amount in sterling was lower this year compared to last.