Manchester United is paying the price for failing to qualify for the Champions League, with revenue down 10 per cent at the start of the season.
The new era after Alex Ferguson’s retirement under David Moyes saw United finish seventh in the Premier League, leading to the manager being dismissed after 10 months and replaced by Louis Van Gaal.
Without European football, revenue at United fell 10 per cent year-on-year to £88.7 million in the first quarter of 2014-15, covering July to September.
Adjusted earnings fell by almost 9 per cent to £20.3 million. A profit of £8.9 million was recorded for the first quarter after a slight loss the previous year.