LONDON: Manchester United have announced a revenue drop of 12.2pc to £194.4m for the six months to the end of December 2014.

The latest accounts released by the club revealed a decrease in broadcast and matchday revenue meaning overall profits were down 52.4pc for the six-month period.

The team’s failure to qualify for the UEFA Champions League this season also had a major effect as they missed out on guaranteed revenue from kit manufacturers Nike.

However, United did enjoy an increase commercial revenues of 9.7pc to £46.4m, with the club agreeing two sponsorship deals in the quarter with soft drinks brand Chi in Nigeria and wellness company IVC in China.

Executive vice-chairman Ed Woodward, said: “Notwithstanding no European football this season, our Revenues and EBITDA remain strong and demonstrate the underlying strength of our business model, with commercial revenues up year over year.

“On the pitch, the team is well positioned to challenge for a top four finish in the Premier League and we look forward to the rest of the season.”