Manchester United suffered a £14m drop in revenue for the first quarter of their current financial year after missing out on qualification for the Champions League.
Broadcast income for July to September fell by £8m, or 20 per cent, from the same period last year due to Manchester United this season playing in the less lucrative Europa League instead.
Commercial revenue slipped by £4.4m due to changes in sponsorship agreements and a shorter than usual pre-season tour to the US, the club said.
Total revenue for Q1 was £143.1m, down from £157.1m in 2023, while Manchester United reported an operating loss of £6.9m, a £7.8m swing into the red from a year ago.
The figures do not include severance pay for former manager Erik ten Hag and his coaching staff, who were dismissed last month and replaced by new boss Ruben Amorim.
But sweeping redundancies made as part of minority shareholder Sir Jim Ratcliffe’s cost-cutting drive left the club with a bill for exceptional items £8.6m.
The departure of players including Mason Greenwood, Scott McTominay and Aaron Wan-Bissaka helped to boost Manchester United’s profit on disposal of intangible assets by £6.1m to £35.6m.
“The season is now well underway for both our men’s and women’s team, and we are keen to ensure both are as competitive as possible,” said chief executive Omar Berrada.
“We are delighted to have appointed Ruben Amorim as head coach of our men’s team and remain committed to returning Manchester United to the top of domestic and European football.
“Our cost and headcount reductions remain on track, and we are pleased to have seen further commercial traction, and welcome new partner Heineken, through their Tiger brand.”
Manchester United are currently considering stadium improvements, with a task force set to recommend whether to revamp Old Trafford or build a new ground before the end of the year.
“Our renovation of the Carrington Training Centre is progressing well, while the Old Trafford Regeneration Task Force continues its work,” Berrada added.
“Once it has delivered its recommendations, we will then take some time to digest them and evaluate all our options in the upcoming year.”