In-depth: Manchester United set to earn £500m in a year, despite poor form

United announced in their second-quarterly financial results on Thursday that they expect revenue for the year to hit £500-510m. No British club in history has recorded such a figure.

The results show that the club is sitting on a war chest of £121.6m, up from £37m a year ago, which could come in useful in offsetting the loss of income from Champions League football should they fail to make the top four this season.

United lie fifth in the Premier League, six points off the Champions League spots but showing little sign of making up the ground under Louis van Gaal.

United announced a record second-quarter revenue total of £133.8m, up 26.6% on last year, though debt is up 6% to £322.1m. Commercial revenue for the second quarter was £66.1m – an increase of 42.5% on the previous year.

Broadcasting revenues were also up 31.3% and sponsorship revenue for the second quarter was up £1.6m to £37.4m. However match day income was down 1.6%.

United’s executive vice-chairman Ed Woodward said: “Our strong commitment to investing in our squad, youth academy and the broader club are ultimately underpinned by our financial strength and the hard work and dedication of everyone at the club.

“Our solid results off the pitch help contribute to what remains our number one priority – success on the pitch.”

Staff expenses and wages for the second quarter were £55.7m, an increase of £7.0m, or 14.4%, over the year which the club said was “primarily due to renewals of existing player contracts, coupled with an uplift from participation in the Champions League”.

The club's global appeal, which it says stretches to 659 million followers, continues to prove lucrative, with two sponsorship deals signed in the quarter.

United is to pay a quarterly dividend of $0.045 per share (£0.03).

All of this is great news for United's balance sheet, but how does it affect the performances on the pitch?

The club's commercial success has not translated into footballing success, with United falling alarmingly off the pace in the Premier League and in Europe since Sir Alex Ferguson retired in 2013.

The transfer strategy under Ed Woodward, of buying established world class stars such as Angel di Maria, Radamel Falcao and Bastian Schweinsteiger, has had mixed results at best.

Whether United should continue on this path, or invest more in their youth system, remains a hotly contested topic among United fans.