The full cost of Manchester United's absence from the Champions League has been revealed, with the club reporting revenues down last season by 8.8 per cent to £395.2million.
United's income fell by £38million from £433.2million - the loss of around £50million in revenues from Europe being partially offset by an increase in commercial income.
The Red Devils, however, are predicting they will become the first English club to break the half-a-billion-pounds mark in income this season.
United's executive vice-chairman Ed Woodward said: "As we look to the new season, we are enthusiastic about our strong position, both on and off the pitch.
"In recent weeks we have further strengthened our squad with an exciting mix of experience and youth, qualified for the group stage of the UEFA Champions League, and seen an impressive launch of our partnership with adidas.
"Our record revenue and EBITDA guidance for 2016 reflects the underlying strength of our business and our confidence in its continued growth."