Manchester United cannot afford another year of Champions League failure, admits executive vice-chairman Ed Woodward.

The club's total income fell by 3.3% to £320.3million for the year ending June 30 2012 - expected after United's failure to make the knockout stages of the Champions League last season.

But the commercial growth of the club has continued apace, and when the money from the incredible £357m shirt sponsorship deal with Chevrolet starts to flow, not to mention the Premier League's £3billion-plus TV deal, it may be that 2011/12 is just a blip on an otherwise upward chart - especially if the team keep their good start to the season going.

Woodward told a conference call with investors: "The team's performance is central to this business. It allows us to get the great partners."