Manchester United report first-quarter drop in turnover of 28 per cent

The club's revenue for the three months ending September 30, 2016 is down from £123.6million to £120.2million, while debt has risen 18 per cent to £337.7million

The drop in income reflects United's lack of involvement in the Champions League, and the fact they have played three fewer home games in all competitions compared to the same period last year.

But they remain on course to top last year's record revenues figure of £515.3million, forecasting overall revenue of between £530million and £540million for the end of the financial year

"While our financial results for this quarter reflect the impact of our non-participation in the UEFA Champions League, we are pleased that we remain on track to deliver record revenues for the coming year," United executive vice-chairman Ed Woodward said

"During the quarter we added a number of top-quality players to our squad, which once again demonstrates our determination to challenge for trophies."

Source : PA

Source: PA