MANCHESTER United paid the price for its lack of trophies last season with a £14.9m operational loss in the three months to the end of June.
And for the year to 30 June, the recently-floated football club reported pre-tax profit that fell by 16.5 per cent to £91.6m while total revenues dropped three per cent to £320.3m.
But despite being dragged down by the club’s silverware drought last season and its early exit from the Champions League, Manchester United remained upbeat about the 2012-13 season.
It forecast underlying earnings to rise by 17-20 per cent to £107-£110m while revenue was likely to be between £350-360m.
The club also cited its record $559m seven-year Chevrolet shirts sponsorship, which starts in 2014, and the Premier League’s £1bn annual domestic TV deal from next year, up by 70 per cent.
Manchester United floated on the stock market in New York last month at $14 per share, valuing the 19-times English champions at around $2.3bn (£1.4bn).