MANCHESTER United revenues have slumped 14% while debts rose to £380m, according to new figures released by the club.
The club's overall finances have been bolstered by a recent ten-year £750m deal with Adidas and a seven-year £370m shirt sponsorship deal with General Motors.
A seventh placed finish in the Premier League last season meant United missed out on Champions League football for the first time since 1995 - now it seems they're paying the price.
Debts increased by £24m to £380m in the second quarter, while revenue for the same three month period fell by 14% from £123m last year to £106m - a lack of European football caused United to lose out on sponsorship payments from Nike and broadcasting revenue to drop by 40%.
Still, it's not all doom and gloom at Old Trafford.
United jumped from fourth to second in the Deloitte's world football rich list with revenues of £433.2m last season (though revenues for 2014/15 are expected to drop to £390m), with the club's overall finances bolstered by a recent ten-year £750m deal with Adidas, a seven-year £370m shirt sponsorship deal with General Motors, alongside two new deals with African soft drinks brand Chi and Chinese wellness partner IVC.
The club will also benefit from its share of the Premier League's record new broadcasting deal with Sky and BT worth £5.14bn for 2017-2019.
Ed Woodward
Due to the lack of the extra players required to compete in the Champion's League, United's player wage bill also dropped £2.9m over the second quarter - every cloud, eh?
All said and done, United's Executive Vice Chairman, Ed Woodward, remains fairly chipper:
"The recently announced Premier League broadcasting rights package for 2017-19, representing an increase just over 70%, once again demonstrates that we are part of the top football league in the world.
"Notwithstanding no European football this season, our revenues and EBITDA remain strong and demonstrate the underlying strength of our business model, with commercial revenues up year over year.
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."
United are currently third in the Premier League.
