Manchester United’s turnover for the three months to September 30 fell to £88.7m in comparison to £98.5m from the same period last year which is a £6.8m, or 9.9%, reduction.
The lack of Champions League football is largely responsible for the reduced revenues, with match day revenue down 21.8%, broadcasting revenue down 13% and commercial revenue down 5.2%.
Debt was also marginally increased from £361m to £362.2m as a direct consequence.
Speaking about the financial results, Ed Woodward pointed towards the announcement of United’s kit deal with Adidas as the focus rather than the reduced revenues.
He said: “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.”
The announcement of these figures was wholly expected but the pressure is now on Louis van Gaal to deliver a minimum of a fourth place finish because if United were to miss out again, there would be serious financial repercussions for the club.
One good thing to come out of all of this is that United are now no longer able to sit back thanks to Sir Alex Ferguson being in charge. Results on the pitch are now directly affecting revenues, so investment in the squad is likely to continue over the coming transfer windows.