Cost of Louis van Gaal payout revealed as Manchester United announce record profits

Manchester United reported a 30 per cent rise in fourth-quarter revenue on Monday but forecast lower earnings for the current year as the club will miss out on Champions League football after finishing fifth in the Premier League last season.

United said they expected £170-180 million in adjusted core earnings this year after reporting a record figure of £192m for the year ended June 30.

They expect £530-540m pounds in revenue, up from £515m due to new television deals for Premier League clubs.

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United's fifth-place finish in the Premier League last season meant the team failed to qualify for a place in the lucrative Champions League in 2016-17 and will play in the lower profile Europa League instead.

Paul Pogba was signed this summer by Manchester United for a reported record-deal of £89m

Image credit: AFP

The club has said that their absence from the Champions League would reduce their revenue in 2016-17 by more than £30m.

United responded by replacing team manager Louis van Gaal with Jose Mourinho who has signed France midfielder Paul Pogba for a reported fee of £89m and hired other big name players including Swedish striker Zlatan Ibrahimovic.

United said they recorded £15.1m in exceptional charges which included £8.4m on former manager Louis van Gaal's payout.

The club's revenue for the fourth quarter rose to £134.5m from £105.8m a year earlier. Adjusted core earnings jumped 53 per cent to £49.3m.

Controlled by the American Glazer family, United have won the English league title a record 20 times and last season won the Football Association Challenge Cup for the 12th time.

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