Manchester United generated a club-record £363.2 million (US$578 million) while winning a 20^th English title last season.

United, which is listed on the New York Stock Exchange, pointed to the enduring success of its commercial operation in helping to maintain the club as a force on and off the pitch.

Owned by the American-based Glazer family, United is projecting its turnover will soar to at least £420 million ($669 million) in 2013-14.

While the cash balance has risen by a third to £94.4 million ($151 million), the gross debt has dropped by 11 percent to £389.2 million ($622 million).

United reported a net profit of £17.2 million ($27 million).

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