Manchester United has become the first English Premier League club to see its annual income exceed 600 million pounds, with a profit for the year of 50 million pounds (62.5 million U.S. dollars).

In its annual financial report for 2019, the club reported record revenues of 627.1 million pounds (783 million U.S. dollars), 6 percent higher than predicted and 18 percent more than revenue for 2018.

Profit on player sales was up more than two-fifths to 32.2 million U.S. dollars, due mainly - from the transfers of Daley Blind to Ajax during the summer and Marouane Fellaini to Shandong Luneng Taishan in January.

The report also showed that the club, described as one of the most popular and successful sports teams in the world, now has 1.1 billion global followers.

In its headline news, MUFC also said its partnership with Harves China will see multiple club 'Experience Centers' opening.

The club also acknowledged its revenue will drop in 2020 as a result of the team not taking part in the lucrative Champions League.

It expects total revenues in 2020 to be in a range of 700 million U.S. dollars to 724 million U.S. dollars, competing in the UEFA Europa League contributing which will lead to a reduction versus fiscal 2019 due to the absence of Champions League competition revenues.

The club earned 301 million U.S. dollars in 2019 from broadcasting of its games, an increase of 46.2 million U.S. dollars, or 18.1 percent more over the prior year. This was primarily due to a new UEFA Champions League broadcasting rights agreement.

The club report added: "Our large, passionate and highly engaged fan base provides Manchester United with a worldwide platform to generate significant revenue from multiple sources, including sponsorship, merchandising, product licensing, new media and mobile, broadcasting and matchday initiatives which in turn, directly fund our ability to continuously reinvest in the club."

Ed Woodward, the club's executive vice chairman, commented, "We remain focused on our plan of rebuilding the team and continuing to strengthen our youth system, in line with the philosophy of the club and the manager. This is reflected in the recent addition of three exciting first team players, key player contract extensions and the talent we have coming through our Academy. Everyone at Manchester United is committed to delivering on our primary objective of winning trophies."

In an investors' conference call, Woodward commented: "We and our growing global fanbase demand success. Success means winning trophies. That target and that standard has never changed for Manchester United. The progress we made on the business side, that Richard and Cliff will shortly describe, underpins the continued investment in the football side.

"Much of the progress made around that investment - the academy, the recruitment department and the training ground facilities - is behind the scenes and therefore isn't immediately apparent to those on the outside looking in.

"For example we've materially expanded our recruitment department in recent years to increase its efficiency and productivity. Some of the senior staff in these roles have been at the club for over 10 years. Recruitment recommendations and decisions are worked on, on a day-to-day basis by this department and the manager and his team.

"These investments together with the commitment we made to Ole and his coaching staff in March have given us the building blocks for success.

"Whilst we're confident this investment will deliver results, it's important that we're patient, while Ole and his team build for the future. We will continue to focus on the long-term strategy and won't be influenced by short-term distractions."

Manchester United are currently sitting in eight place in the Premiership table.

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