Man U revenue increases to record high 98.5 million pounds

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Defending Premier League champions Manchester United has reported a record 29 percent increase in revenue to 98.5 million pounds in the three months through September following sponsor and TV deals.

The club also welcomed the latest broadcast deal under which British group BT will pay around 900 million pounds for rights to European club soccer for three years from 2015.

According to Sport24, Manchester United executive vice-chairman Ed Woodward stated that the deal represents a meaningful increase over the current arrangement, which should translate into higher broadcasting revenue for the participating clubs.

The report mentioned that United reported a core profit of 22 million pounds in the quarter, an increase of 36 percent, following new sponsorship deals with companies including Russia airline Aeroflot and soft drinks company PepsiCo.

According to the report, United is also forecasting revenues for the year as a whole of between 420-430 million pounds, closing the gap on European rivals Real Madrid and Barcelona.

United shares, listed on the New York Stock Exchange since August 2012, closed at 15.75 dollars on Wednesday, valuing the club at 2.6 billion dollars, with the stock rising from a flotation price of 14 dollars, the report added.