Manchester United reported revenues of 648.4 million ($783.5m) for the last financial year Thursday, a Premier League record.

The latest financial figures from United come as British billionaire Sir Jim Ratcliffe is close to buying a 25% share of the English club from its American owners, the Glazer family.

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Overall revenue is up by 11% compared to the previous year even though United competed in the Europa League and not the more lucrative Champions League last season. The club still reported a loss of 42.1m ($50.9m).

United's wage bill for the period was down 52.8m ($63.8m) to 331.4m ($400m), which was attributed to "squad turnover" and the team's absence from the Champions League. Cristiano Ronaldo was among several highly-paid players to leave the club.

The report said no dividends had been paid to the Glazer family and other shareholders.

Ratcliffe, the founder of chemicals company INEOS, is willing to pay between 1.3 billion ($1.576bn) and 1.5bn ($1.82bn) for a 25% stake despite United's current market value sitting at around 2.6bn, ESPN reported last week.

Ratcliffe's potential stake would see his INEOS team have "sporting influence" at Old Trafford, sources said.

The Associated Press contributed to this report.