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Manchester United expect their Champions League absence to have a detrimental effect on their financesGetty

Manchester United are bracing themselves for more financial hurt after failing to qualify for the Champions League.

In their financial results, revealed on Wednesday 10 September, the Red Devils reported their profits had plunged by a massive 84% to £23.8m – following David Moyes' disastrous reign at Old Trafford – down from £146m in 2013.

And now, after failing to qualify for Europe's premier competition, the Champions League, for the first time in 20 years, the Old Trafford club expects profits to fall even further.

Underlying profits were recorded at £130.1m for the fiscal year just gone for the 20-time league champions but they said this could drop to between £90m-£95m.

While net revenue was up for the Glazer-backed club by 19% to £433.2m in the year ending 30 June, it is forecasted this could fall to around £385m-£395m over the course of the next year as they continue to restructure the current squad and play catch-up with the likes of Chelsea and Manchester City.

A world-record £750m kit manufacturing deal with German sportswear giant Adidas was not enough to save the perennial title challenger's recent financial results as missing out on the Champions League and the drastic restructuring of the squad, in which they spent over £150m on new players, hampered the club's finances.

Former manager Moyes and his staff cost the club £5.2m in compensation packages to remove and, unsurprisingly, the club's wage bill increased as they added the likes of Angel Di Maria and Radamel Falcao to the ranks.