Ed Woodward Talks Manchester United's Record Revenue, 2016 Financial Results

Manchester United have announced record annual revenues of £515.3 million for 2015-16, making them the first British club to break the £500 million barrier, per Sky News Newsdesk.

ESPN FC provided the key figures as they were released on Monday:

United's executive vice-chairman Ed Woodward said the club's strong performance financially has moved the Red Devils into a position to fight for trophies. It was also revealed how much it cost the club to get rid of former manager Louis van Gaal and his coaching staff at the end of last season, per the Associated Press' Rob Harris:

BBC Sport's Simon Stone reported that next year, United will aim to hit £540 million in revenues.

Woodward addressed the summer appointment of current boss Jose Mourinho, saying the move was indicative of the "club's determination to get back to the pinnacle of our sport," per Alexandra Porter in the Manchester Evening News.

Similarly he acknowledged the impact of the re-signing of Paul Pogba from Juventus for a world-record £89 million fee, per Stone: 

Woodward also added that lack of UEFA Champions League football in the upcoming season will have an impact on revenues, per Porter: "We have invested in our playing squad and this will be reflected in increased staff costs. We will be affected in match day revenue by the absence of the Champions League."

Per the Times' Martyn Ziegler, the impact of dropping Bastian Schweinsteiger from the first-team squad was also revealed in the financial results:

United's impressive financial power has continued to strengthen recently despite three seasons of disappointment on the pitch following the retirement of Sir Alex Ferguson.

It has allowed them to spend big money on Pogba, Eric Bailly, Henrikh Mkhitaryan and Zlatan Ibrahimovic, and likely played a big role in persuading Mourinho to step in as manager—he requested each of his four signings, and Woodward duly delivered.

Despite a derby defeat to Manchester City on Saturday, United already look a more imposing side in 2016-17 than they have since Ferguson's departure.

A likely return to the Champions League next term will only enhance their finances further, and United are surely on the right track to returning to the upper echelons of European football.