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Manchester United reveal Van Gaal's pay-off alongside record revenue

Manchester United have revealed the pay-off for former manager Louis van Gaal and his staff totalled £8.4million, while announcing a club-record £515.3m in revenue for the last financial year.

Van Gaal was sacked at the end of last season despite winning the FA Cup and replaced by Jose Mourinho at Old Trafford.

Alongside Van Gaal's severance package in the club's exceptional costs for the year, United also confirmed they have written off £6.7m for the depreciation of value for one player - believed to be out-of-favour midfielder Bastian Schweinsteiger.

However, there was also some good news for United after they became the first club from the United Kingdom to record over half a billion of revenue in a single financial year.

United posted an operating profit of £68.9m, with their revenue up 30 per cent year-on-year, while their debt rose two per cent to £261m.

And, according to executive vice-chairman Ed Woodward, United are on track to improve their revenue again next year, despite failing to qualify for the lucrative Champions League.

"Our record fiscal 2016 financial performance reflects the continued underlying strength of the business and the club is on target to achieve record revenues in 2017, even without a contribution from the Champions League," he said.

"This strong financial performance has enabled us to invest in our squad, team management and facilities to position us to challenge for, and win, trophies in the coming years."