Manchester United has said that its revenue fell by 12.2% to £194.4m for the six months to the end of December.
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The Old Trafford club lost out on payments from Nike for failing to qualify for the Uefa Champions League.
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Sharp falls in broadcast and match-day revenues meant profits for the six-month period were down 52%, at £8.9m.
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The club said the decline was offset by a 23% increase in sponsorship revenues to £35.8m.
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The club announced two new sponsorship deals in the last three months, with drinks company Chi in Nigeria and Chinese neutraceutical group IVC (Aland).
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Club boss Ed Woodward said: “Notwithstanding no European football this season, our revenues… remain strong.
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“On the pitch, the team is well positioned to challenge for a top-four finish in the Premier League and we look forward to the rest of the season.”
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The 20-time English champions finished only seventh in the Premier League last season under David Moyes, who took over from the club’s hugely successful manager Sir Alex Ferguson.
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That meant the three-time European champions did not qualify for the Champions League or even the continent’s second-tier competition, the Europa League.
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This season, with Dutchman Louis van Gaal as manager, they are on track for a top-four finish that could put them back in the Champions League.
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Richard Hunter, Head of Equities at Hargreaves Lansdown Stockbrokers, said: “Things may be improving on the field, but this is not a quarter to be remembered.”
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