On field failings start to hit Manchester United's finances
Earnings have fallen at Old Trafford...13:11 Thursday 17 November 2016, 13:11 17 Nov 2016
Manchester United income and revenue have dropped as the team has struggled to make its way back to the top table of European football.
The club's revenues fell to £120.2m - that's a 3% decline compared to the same period last year.
Net income during the three months fell by more than three quarters - it dropped to £1.2m as the team's failure to qualify for the Champion's League hurt its bottom line.
This had a knock-on effect on its match day revenues - they fell by close to one third to £16.8m during the quarter.
Broadcasting revenues were 5.4% higher and commercial revenues grew by 4.4%.
Manchester signed new commercial deals with FIFA makers EA Sports, watch company Tag Heuer, Apollo tyre company, and Virgin Money - and it renewed a contract with racing operator Hong Kong Jockey Club.
Ed Woodward, Executive Vice Chairman, commented, "While our financial results for this quarter reflect the impact of our non-participation in the UEFA Champions League, we are pleased that we remain on track to deliver record revenues for the coming year.
"During the quarter we added a number of top quality players to our squad, which once again demonstrates our determination to challenge for trophies."
The report mentions the signings of Eric Bailly, Zlatan Ibrahimović, Henrikh Mkhitaryan and Paul Pogba - and the victory in the Community Shield - as highlights during the quarter.
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