Profit for football club Manchester United saw a 16.5% fall to £91.6m for the 12 months ending June 30th. In its first results announcement since its New York listing, the club also revealed that revenues fell by 3% to £320.3m.
A lack of trophies during last year were a key driver for the fall in profits for the club, with an early exit from the lucrative Champions League also denying the club’s profits.
In a statement, the club confirmed that broadcasting revenues fell by over 11 percent, mainly as a result of elimination from the group phase of the Champions League.
However, the club has forecast profits of £110m for this year, following a minimal expectation of a quarter final spot in the Champions League.