Manchester United reveal its revenue fell by 12.2% to £194.4m for the six months to the end of December. The Old Trafford club lost out on payments from Nike for failing to qualify for the Uefa Champions League.
Sharp falls in broadcast and match-day revenues meant profits for the six-month period were down 52%, at £8.9m.
The club said the decline was offset by a 23% increase in new sponsorship revenues to £35.8m.
Club boss Ed Woodward said: "Notwithstanding no European football this season, our revenues... remain strong.
"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."
