REVENUE at Manchester United fell by almost 12 per cent in the second half of 2019, the club confirmed on Tuesday.
Absence from the Champions League contributed to a 33.4 per cent fall in broadcasting revenue over the six months.
Commercial revenue did rise by 6.5 per cent in the second half of the year, while matchday revenue remained largely the same.
Manchester United reiterated its revenue guidance of between £560 million and £580m for 2020, while net debt is up 23.2 per cent to £391.3m for the three months ending December 31 2019.
The club said the increase of £73.6m over the year is "primarily due to an overall decrease in cash and cash equivalents" and that "the gross USD debt principal remains unchanged".
United recorded revenues of £168.4m in the second quarter - down 19.3 per cent on the same period the previous year - and an operating profit of £36.5m, which is down 17 per cent due in no small part to the lack of Champions League football.
But commercial revenues were up seven per cent over the quarter, including 11.9 per cent in sponsorship, following recent deals with Alibaba and Mondelez International.
The club’s executive vice-chairman Ed Woodward, said on Tuesday that he believes the foundations are in place for long-term success with Ole Gunnar Solskjaer at Manchester United.
United are still in contention for Europa League and FA Cup glory, though they sit fifth in the Premier League - an eye-watering 38 points behind table-topping rivals Liverpool.
The big-money January arrival of Bruno Fernandes has increased optimism around the club and Woodward, whose house was attacked by some disgruntled fans last month, believes United are on the right track.
"We are pushing for a strong finish in the Premier League, the Europa League and the FA Cup as we enter the final third of the season," he said.
"We have continued to make progress on our squad rebuild, with many changes in terms of players that we have brought in and players that have come through our academy.
"The foundation for delivering the long-term success that we are all working towards is in place as we implement our plan and our footballing vision with Ole."
