Manchester United’s Champions League absence cost €52million

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 €542million.

United’s income fell by €52million from €594million — the loss in revenues from Europe was 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.”

Woodward has been far from popular with United fans this summer, as the club failed in their public attempts to sign numerous top quality players during the transfer window, ultimately signing French 19-year-old Anthony Martial for a fee which could rise to €80 million.

United lost their first game of this season’s Champions League to Dutch side PSV on Tuesday night, and they are five points behind city rivals Manchester City who currently top the Premier League. Louis van Gaal’s side have scored just six league goals so far with the manager’s defensive approach causing friction within the squad according to reports.