Manchester United have revealed record revenues for the first quarter of the financial year.

Several new sponsorship deals - including Russia airline Aeroflot and soft drinks company Pepsi - and the effect of the new Premier League TV rights deal has seen a 29 per cent rise in revenue to £98million.

United also reported a core profit of £22m in the quarter, an increase of 36%.

United executive vice-chairman Ed Woodward said: "We are pleased to have achieved another record first quarter, driven by the strength of our commercial business and increased broadcasting revenues.

"Our unique approach to the commercial business will continue to drive future growth. We are also excited by the continuing rise in the value of sports content."

The Premier League champion are forecasting revenues for the year as a whole of between £420 and £430m, closing the gap on European rivals Real Madrid and Barcelona.

United shares, which have been listed on the New York Stock Exchange since August 2012, closed at $15.75 on Wednesday, valuing the club at $2.6bn (£1.62bn).