( CNN ) -- Manchester United has announced a record operating profit of £110.9 million ( $ 176 million ) for last season , cementing its position as the world 's richest football club . The English Premier League champions also reported that its turnover for the year had increased by almost $ 73 million to $ 536 million , as it considers a plan to raise a further $ 1 billion on the Singapore Stock Exchange to reduce its considerable debt burden . United 's net debt stands at $ 498.7 million , in part due to the money the U.S.-based Glazer family had to raise to buy the club for $ 1.2 billion in 2005 . The deal effectively left the club with a huge mortgage and crippling interest payments -- believed to be around $ 72 million a year , according to British media reports . Blog : Football 's financial folly . But a hugely successful year on and off the pitch has helped to alleviate the pressure . On the pitch , they won their 19th Premier League title -- another record -- and were beaten finalists in the lucrative Champions League , Europe 's top club competition . The club also scored off the pitch with a series of high-profile commercial deals , including the first year of their $ 129 million shirt sponsorship agreement with the Aon Corporation and a $ 64 million deal with logistics company DHL to sponsor their training kit . United top Forbes ' football rich list . However , the club 's financial strategy is increasingly focused on Asia , where it has an estimated 190 million supporters -- helped in no small part by the proliferation of English Premier League broadcast rights across the region in recent years . As a result , United 's owners favor Singapore for the initial public offering ( IPO ) to cash in on this enormous fan base , though Britain 's Guardian newspaper reported that they will pursue a dual-share structure , whereby investors will have to purchase one `` non-voting '' share for every voting share . This will allow the Glazers to raise funds while retaining control of the club they de-listed from the London Stock Exchange six years ago . Earlier this month , the club announced a three-year partnership with a Vietnamese mobile telecoms company . According to United 's official website , Beeline will distribute a range of content , from on the pitch action , to news and interviews , to the club 's estimated 16 million fans in Vietnam . `` Everyone knows about the passion of our fans in that part of the world and this deal makes it a lot easier for us to keep in touch with them , '' said United manager Alex Ferguson .
Manchester United 's turnover increases by almost $ 73 million to $ 536 million . EPL club considering plan to raise $ 1 billion on the Singapore Stock Exchange . Comment: They won the Premier League last year and were finalists in the Champions League .