Manchester United have announced total revenue of £515.3 million ($683.5 million) for the year ending June 30, 2016.

United became the first Premier League club to earn over half a billion pounds in a single year. That figure is short of the £570m in annual revenue that Barcelona announced in July.

Despite failing to qualify for the Champions League, United are on target for record revenues again this season.

Ed Woodward set his sights on returning United to "the pinnacle of our sport."

Speaking in his conference call on Monday, he said: "Jose Mourinho's appointment is a reflection of our determination to return to the pinnacle of our sport. We are writing the next chapter in our history."