LONDON: Manchester United have announced a loss of £38m in revenue for the last financial year ending June 30 2015.

The loss can mainly be attributed to the club’s exclusion from the UEFA Champions League for the 2014-15 season.

The club recorded a total revenue of £395.2m, which is down 8.8 per cent from the previous year.

The Premier League side enjoyed more success on the commercial front however, with sponsorship revenue increasing by £19.1m (14.1%) to £154.9 million.

This was largely due to the start of the club’s seven year General Motors shirt sponsorship, which is worth around £47m per year.

Ed Woodward, Executive Vice Chairman commented, “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, qualified for the group stage of the UEFA Champions League, and seen an impressive launch of our partnership with adidas,”

Woodward confirmed that the club is expecting a club record profit in 2016 with their return to the Champions League this season and the commencement of their major kit deal with adidas.

“Our record revenue and EBITDA guidance for 2016 reflects the underlying strength of our business and our confidence in its continued growth,” he added.

Full financial report HERE