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Manchester United's full-year revenues hit record

Rob Harris, AP Sports Writer

Manchester United's Antonio Valencia left, celebrates with team-mate Robin Van Persie after scoring the fourth goal of the game for his side during the Champions League Group A soccer match against Bayer Leverkusen, at Old Trafford in Manchester, England, Tuesday Sept 17, 2013. (AP Photo/Jon Super)

LONDON (AP) -- Manchester United PLC generated a club-record 363.2 million pounds ($578 million) of revenue in the year to end-June, a period in which it won its 20th English soccer title.

United, which has won more English league titles than any other and is listed on the New York Stock Exchange, pointed to 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 between 420 and 430 million pounds in 2013-14.

While the cash balance has risen a third to 94.4 million pounds, the club's gross debt has dropped by 11 percent to 389.2 million pounds.

United reported a net profit of 17.2 million pounds from 4.5 million the year before.