Manchester United saw revenues fall by £38m in the year to June, mainly due to failure to qualify for the UEFA Champions League.
Total revenues were £395.2m, down from £433.2m, but sponsorship income hit record levels, up by 14.1% to £154.9m.
It came as the club had a second trophy-less season in 2014-15.
That caused matchday revenues for the year to fall by 16% to £90.6m, and broadcasting income to drop by a fifth to £107.7m, a decrease of £28.1m.
Being out of the Champions League cost the club around £35m in match and broadcasting revenues.
This was slightly offset by a £12m drop in staff costs.
Man Utd currently sit third in the Premier League and are in the group stages of the Champions League, but lost their opening game to PSV.
Last season was the final year of the club’s kit deal with Nike, before they moved over to Adidas in July of this year to begin a 10-year, £750m partnership.
Revenue goal
The club is optimistic about the forthcoming year, saying they expect revenues to be between £500m and £510m.
“As we look to the new season, we are enthusiastic about our strong position, both on and off the pitch,” said Ed Woodward, club executive vice-chairman, who added that the club was commercially confident of “continued growth”.
“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.”
It said Premier League live broadcasting rights would increase around 70% to £5.14bn for the 2016/17 to 2018/19 seasons.
It also expects its finances to be boosted by a return to Champions League football.
Manchester United also announced it is trying to raise $400m by selling new shares.
The club, which is listed on the New York stock exchange, is controlled by the American Glazer family.

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