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Manchester United Confirm Drop In Revenue

Manchester United (NYSE: MANU - news) are counting the cost of a year away from the UEFA Champions League, with the club confirming a £37.8m loss in revenue for the past financial year.

United published their annual accounts, revealing the full extent of their failure to qualify for European club football's premier competition during the 2013/14 season.

A seventh-place finish in the Premier League saw United - then under the management of David Moyes - miss out on European competition for the first time since 1989.

The club announced a turnover of £433m for the year ending in June 2014, but delivered an advisory notice when confirming their third-quarter results last May that the final figure for the 2014-15 season would be down on the previous year's amount.

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And United have now confirmed the loss for the year ending 31 May, with the club's absence from the Champions League the main factor behind this financial loss. The club's total revenue is down 8.8%t to £395.2m.

"As we look to the new season, we are enthusiastic about our strong position, both on and off the pitch," said executive vice-chairman Ed Woodward.

"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 (Other OTC: ADDDF - news) .

"Our record revenue and EBITDA guidance for 2016 reflects the underlying strength of our business and our confidence in its continued growth."

Manager Louis van Gaal led United to a fourth-place finish last season, earning a return to the Champions League for the club.

United overcame Club Brugge in the play-off round in August to book their place in the group stage of the competition.

Manchester United signed a record-breaking 10-year deal with Adidas in July 2014, worth a minimum of £750m to the club, although the partnership only began this August and the figures relating to that deal have not been included in the latest financial accounts (Other OTC: UBGXF - news) .