Manchester
United has said that its revenue fell by 9.9% to £88.7m for the three months to
the end of September.
The
Old Trafford club lost out on payments from Nike from failing to qualify for
the Uefa Champions League.
The
fall in income could have been more but was partially compensated for by an
increase in sponsorship money and a lower wage bill.
Club
boss Ed Woodward said 2014-15 financial results would reflect "absence
from the Champions League".
But
he said the club had
"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".
The
club's kit deal with Adidas, which kicks in at the start of the 2015-16 season,
is worth £750m over ten years.
On
top of this, it signed five additional sponsorship deals in the quarter.
However,
revenues from both broadcasting and matchdays fell as the cost of missing out
on Europe's premier club competition for the first time in two decades took its
toll.
On
the positive side, Manchester United said employee benefit expenses for the
quarter were down 6.6% compared to the same quarter a year ago, thanks mainly
to lower player wages.
United,
majority owned by the American Glazer family, reiterated that its full year
revenue would be between £385m and £395m, around £40m lower than the previous
year.
The
club is currently seventh in the Premier League table, having made an
indifferent start to the season under coach Louis van Gaal.
Van
Gaal was drafted in at the start of the season after Alex Ferguson's
replacement David Moyes left.
BBC
Business
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