Manchester United have recorded record revenues of £515.3m ($684.5m) for 2016, becoming the first English club to surge over the half a billion pound mark.

The announcement of 14 new sponsorship deals and an increase in Premier League television money has seen the club's yearly revenue rise from £395.2m in 2015. The club aslo recorded a record operating profit of £68.9m.

Figures released also revealed the club paid out £8.4m in compensation following the dismissals of Louis van Gaal and his back-room team, consisting of goalkeeping coach Frans Hoek, Albert Stuivenberg (assistant coach) and Max Reckers (performance analyst).

The Dutchman led United to their first FA Cup success in 12 years but was sacked two years into his three-year contract with the club after failing to qualify for this season's Champions League.

On United's record-breaking revenue figures, executive vice-chairman Ed Woodward commented: "Our record fiscal 2016 financial performance reflects the continued underlying strength of the business and the club is on target to achieve record revenues in 2017, even without a contribution from the Champions League.

"This strong financial performance has enabled us to invest in our squad, team management and facilities to position us to challenge for, and win, trophies in the coming years."

The latest figures, as of 30 June 2016, also show the club's debt stood at £260.9m, an increase of £5.7m compared to 2015's figures.

Despite failing to qualify for this season's Champions League, United expect their revenues to continue to rise in 2017, with a prediction of £540m for next year.

However, United's earnings, a record for an English club, still fell short of the £570m in revenue Barcelona grossed according to results released in July.