Manchester United have posted a £21.7m loss in the first three months of 2021 due to the near absence of matchday due to the coronavirus pandemic.
Matchday sales slumped to £1.6m in the quarter compared to 29.1m a year earlier.
Despite the setback, Ed Woodward remains optimistic about the club's financial future.
"The absence of fans over the past year has proved that they are the lifeblood of the game," said Woodward.
"Following the successful return of limited numbers at the end of last season, and continued trials of increased crowds at sports events this summer, we remain optimistic about the prospect of fans returning to Old Trafford in larger numbers going forwards.
"With the foundations for long-term success in place, including significant initiatives to strengthen engagement with our supporters, we look forward to the upcoming season."