Manchester United have reported revenue down 14 per cent for the second quarter of their financial year as a result of being absent from the Champions League.
United's revenues for the three months ending December 31 were £105.7million compared to £122.9million a year ago - but not as great a drop as some analysts had predicted due to a reduction in the club's costs and a rise in commercial income.
United's executive vice-chairman Ed Woodward said the club - currently third in the Premier League table - was well-placed to make it back into the Champions League next season.
Woodward said: "The recently announced Premier League broadcasting rights package for 2017-19, representing an increase just over 70 per cent, once again demonstrates that we are part of the top football league in the world.
"Notwithstanding no European football this season, our revenues and EBITDA remain strong and demonstrate the underlying strength of our business model, with commercial revenues up year over year. On the pitch, the team is well positioned to challenge for a top four finish in the Premier League and we look forward to the rest of the season."
The biggest impact on the finances has been the lack of broadcast income from European football, down 46.9 per cent to £28.4million.
The wage bill has dropped £2.9million over the three months - mainly due to a reduction in the size of the squad compared to last season.
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