LONDON, Sept. 25 (Xinhua) -- Manchester United earned 590 million pounds (777 million US dollars) in revenue in the 2017-18 season according to the club's latest financial results published on Tuesday.
The 590 million pounds in revenue is almost 90 million more than the 500.5 million earnings recently published by United's city neighbors, Manchester City, but even those massive earnings leave Manchester United massively in the red.
The club is still 487 million pounds in debt as a result of the club's purchase by the American Glazer family in 2005 in which the loans taken out by the Americans to make the purchase took United 525 million pounds into debt and added further annual costs of around 24 million pounds in interest payments.
The Guardian newspaper highlights that even with the record performance for the 2017-18 season, that debt is being paid at a rate of less than 3 million pounds a year.
Manchester United's Executive Vice-Chairman, Ed Woodward preferred to focus on the club's sporting ambitions and also to give his support to under-pressure coach Jose Mourinho.
"We are the biggest sports team in the world. That requires continued investment. Our aim is to win trophies, it is one of the reasons we hired Jose Mourinho."
"Everyone at the club is working tirelessly to add to Manchester United's 66 and Jose's 25 trophies. That is what our passionate fans and our history demands," said Woodward, who claimed the club's "increased revenue expectation for the year demonstrates our continued strong long-term financial performance which underpins everything we do."
