Manchester United have reported record revenue of £98.5m for the first three months of their current fiscal quarter.

The figure, which marked a 29% increase on the previous quarter, was attributed to a rise in sponsorship deals and TV revenue.

United entered 12 new sponsorship deals during the period in question, including contacts with Russian airline Aeroflot and soft drinks giant PepsiCo.

Broadcasting revenue rose by 41% to £19.3m, while clothing licensing and other merchandise brought in an additional £10.7m.

United executives predict that the club will earn between £420 and £430m during the current financial year, closing the gap on the likes of Barcelona and Real Madrid.

However, staff costs for the quarter rose by 31% to £52.9m.