Manchester United's latest financial figures show the staggering affect that no Champions League football has had on the club.
Red Devils executive vice chairman Ed Woodward spoke to club investors on Thursday afternoon after the figures were released.
The figures show that United's Champions League failings have directly led to broadcasting revenue dropping by £39million (37 per cent) year on year, while matchday revenue has declined by 15 per cent.
One benefit of no Champions League football, however, has seen the club's wage bill decrease by 9 per cent.
The figures also showed some good news where commercial growth is concerned. Commercial revenue for this quarter was £70.6m – an increase of £4.7m (7.1 per cent).
Sponsorship revenue also increased by £4.8m (11.9 per cent) to £45.1m.
But retail, merchandising, apparel and product licensing revenue saw a very small decrease of £0.1m (0.4 per cent) to £25.5m.
Man United's net debt has also risen by £73.6m over the year meaning, as of December 31, 2019, it stands at £391.3m. Gross USD debt principal remains unchanged.
The Red Devils are currently fifth in the Premier League and in the mix to qualify for the Champions League this season.
Boss Ole Gunnar Solskjaer is under intense pressure to achieve this goal, but must also focus on remaining competitive in the Europa League and FA Cup.
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