Manchester United have assured investors they recognise results on the pitch are crucial to the club's financial success.
United have seen an upturn in the club's share value thanks to the appointment of Louis van Gaal.
"Our success and many achievements over the last 20 years does not necessarily mean that we will continue to be successful in the future, whether as a result of changes in player personnel, coaching staff or otherwise," United said in the share prospectus.
"A downturn in the performance of our first team could adversely affect our ability to attract and retain coaches and players."
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