Manchester United have become the first football club in the UK to generate revenues of more than half a billion pounds in one year.

The Premier League giants announced a record revenue of £515.3m for the 2015-16 financial year, which is up by 30% year-on-year, as well as a record profit of £68m.

Within the accounts, it was confirmed that United paid out £8.4m in compensation to sack manager Louis van Gaal and his coaching staff.

Following the acquisitions of new boss Jose Mourinho and players Zlatan Ibrahimovic, Eric Bailly, Henrikh Mkhitaryan and Paul Pogba, the wage bill now sits at £232.2m.

It appears as though there is no way back for Bastian Schweinsteiger as the club have written off £6.7m because the German World-Cup winner is no longer a first-team player.

Executive vice-chairman Ed Woodward said: "Our record fiscal 2016 financial performance reflects the continued underlying strength of the business and the club is on target to achieve record revenues in 2017, even without a contribution from the Champions League.

"This strong financial performance has enabled us to invest in our squad, team management and facilities to position us to challenge for, and win, trophies in the coming years."

United expect revenues to be between £530m and £540m in 2017.