Manchester United are counting the cost of missing out on European football this season, as revenue and profit fell in its first quarter results.
With reductions in commercial, broadcast and matchday revenue, overall turnover dropped 9.9 per cent to £88.7m from £98.5m at the same period last year.
United officials will, however, be pleased with results that narrowly beat market expectations of revenue of £80 - £87m.
First quarter profit was also down 8.6 per cent from £22.2m a year earlier to £20.3m.
Last season Manchester United earned £35.8m in broadcast, participation and performance payments for their Champions League campaign which saw the club reach the quarter-final stage.
The club earned around £30m from last year’s group stage alone - and that’s not including commercial or matchday revenue.
However, revenue from sponsorship did rise by £1.1m to £46.3m due to an increase in shirt and other sponsorships.
United’s new shirt sponsorship with Chevrolet is thought to be worth around £53m per season.
Executive vice chairman Ed Woodward commented:
While we recognize that the 2014/15 fiscal year financial results will reflect our absence from the Champions League, we signed the largest kit sponsorship deal in the history of sport in the first quarter and, with that concluded, we are excited to focus our efforts on the meaningful growth opportunities in sponsorship, digital media and retail and merchandising.