Re-emerging Premier League giants Manchester United have posted a loss in the three months leading to 31 March as broadcasting revenue plummeted.
The Red Devils, who are on the brink of Champions League qualification following a successful first season for manager Louis van Gaal, reported a loss of £2.9m (€4m, $4.6m) in the club's third quarter of the year, which is in stark comparison to the £11m profit that the 13 time Premier League champions made in the same period last year.
The Old Trafford-based team said that broadcasting revenue was down by £13.9m to £21.7m and matchday revenue declined by 31.3% to £25.5m, which was "primarily due to five fewer FAPL live broadcast games and two fewer FAPL home games in the current quarter, and non-participation in the UEFA Champions League."
However, it has upped its financial guidance for the year from £90m - £95m to £103m - £110m after virtually guaranteeing Champions League football next season, which will help prise more money from kit manufacturers Adidas.
Ed Woodward, executive vice chairman, said: "As the season approaches its conclusion, we are pleased with the team's performance in Louis van Gaal's first season as manager and are well positioned to achieve a top four finish in the Premier League and to return to European football next year.
"As we look forward to next season, on the playing side we expect to be challenging for trophies in all competitions and on the commercial side we are excited by the numerous opportunities for further growth, including the first year of our ten year partnership with Adidas."