Manchester United have announced that the club has recorded a record revenue for the third quarter of the financial year.

The former Premier League champions are up 26% in revenue after raking in £115.5m, which is largely made up of money from sponsorship and broadcasting deals.

Executive vice chairman Ed Woodward said in a statement: "This puts us in a healthy financial position to continue to invest in the squad. Everyone at the club is working hard to ensure the team is back challenging for the title and trophies next season."

The wage bill has also risen by 18.9% following the acquisitions of Marouane Fellaini and Juan Mata, as well as new contracts for Nani and Adnan Januzaj.

Reports have claimed that the Red Devils are planning to announce Louis van Gaal as their new manager next week.