Manchester United has reported record revenue of £98.5m for the first three months of its financial year, reports BBC Sport. The 29% revenue rise came after a 63% jump in sponsorship income and an increase in earnings from TV deals.
The club predicts revenues for the whole year between £420-430m, bringing it closer to Europe's wealthiest clubs, Real Madrid and Barcelona.
Staff costs for the quarter rose by 31% to £52.9m, with the rise partly because some players' wages were paid only for part of last year, but now have been fully included in the three-month period.
The increase also reflects wage rises and bonuses paid because of the growth of the club's commercial business.
It also received a one-off receipt of £1.3m in respect of its players who were on international duty at the Euro 2012 tournament.
United said 12 new sponsorship deals were activated in the quarter, with a range of companies, including Russian airline Aeroflot and the soft drinks company PepsiCo.
Licensing of clothing and other products brought in £10.7m, a rise of 13.8% on last year.
Among other highlights of the results were a rise in broadcasting revenue of 41% to £19.3m, and a 63% rise in sponsorship revenue, thanks largely to what the club's statement called "a significant increase" from the pre-season tour, higher renewals and the activation of new global and regional sponsorships.
