Record Manchester United earnings lifted by sponsorship

Arjun Kharpal, special to
Alex Livese | Getty Images

Premier League champions Manchester United reported record revenues of £363.2 million ($579.9 million) for the year on Wednesday driven by high-profile sponsorship deals.

The New York-listed soccer club saw annual revenues jump 13.4 percent boosted by the team's commercial success.

Sponsorship revenue was up 44.1 percent to £90.9 million while merchandising revenue was 14.2 percent higher to £38.6 million for the year.

(Read more: Soccer wins send Manchester United shares soaring)

Manchester United has signed a world record shirt sponsorship deal with Chevrolet as well as agreements with Commercial Bank of Qatar and Emirates NBD Bank.

Net profit also jumped a staggering 528.3 percent to hit £146.4 million.

The club won the Premier League last season and its on-pitch performance is seen as key to its success.

"There is direct kudos form wining the premier league," Richard Hunter, head of U.K. equities at Hargreaves Landsdowne told CNBC.

"Football purists might have been disappointed by their performance in the European Champions League, but nonetheless they remain one of the world's top clubs and this attracts a new generation of fan and sponsorship."

(Read more: Champions League success 'critical' for soccer teams' finance)

But not all analysts are impressed with Manchester United's results. The earnings growth was driven by commercial deals and it is unclear where future sustainable revenue is going to come from, according to Michael Jarman, chief market strategist at H2O Markets.

"The club will need further investment in players and the reason why revenues increased was mainly because of commercial success. I am sitting here asking where the revenues are going to come from in the future, the told CNBC.

"The only way we are going to make money is by more success on the pitch or the introduction of a pay-per-view system online for watching games which was being experimented with."

(Read more: Which soccer team has the most loyal fans?)

Broadcasting revenues for the year decreased 2.3 percent to £101.6 million due to the club's poor performance in the Champions League, but Hunter said this would not make a big impact.

Manchester United was floated on the NYSE last year, a move driven by the need to pay down the club's crippling debt. But the soccer icons have made moves to deal with the debt which has fallen to £389.2 million.

"It has been a little over a year since our and in that time we have delivered on our targets and objectives. Our commercial business continues to be a very powerful engine of growth enabling the team to continue to be successful," Ed Woodward, executive vice chairman said in a statement.

Much of the club's financial success came under former manager Sir Alex Ferguson who led Manchester United to 13 Premier League titles and two Champions League trophies.

(Read more: Premier League CEO hits back at 'moaning' Manchester Utd Boss)

Manchester United is predicting revenue to stand at £420 million to £430 million next fiscal year.

David Moyes took over as boss in July and there is a lot of pressure on him to continue the sporting success of his predecessor.

"There are plenty of worries in the market about how this may impact Manchester United stock," said Joe Rundle, head of trading at ETX Capital.

It is hard to tell what impact Moyes's leadership will have on the club's financial success, but Rundle said hitting the targets of finishing third in the Premier League and reaching the quarter finals of the Champions League is going to be crucial.

"This all means, more pressure on Moyes to follow the success of his much loved predecessor. Much is now dependent on success on the pitch."

—By CNBC's Arjun Kharpal: Follow him on Twitter @ArjunKharpal