Manchester United have announced their financial results for the second quarter, which cover the final few months of last year.

The headline news to come out of the report is that commercial revenue has risen 42.5% to £66.1m.

Sponsorship deals, retail and merchandising all come under the commercial revenue umbrella, most of which are the responsibility of executive vice-chairman Ed Woodward.

In further positive news for the 20-time champions of England, the net debt has gone down by around £20m.

"Our strong commitment to investing in our squad, youth academy and the broader club are ultimately underpinned by our financial strength and the hard work and dedication of everyone at the club," said Woodward.

"Our solid results off the pitch help contribute to what remains our number one priority - success on the pitch."

The club's return to the Champions League this season after a 12-month absence has also seen broadcasting revenue increase to £37.7m - a leap of 31.3%.