Manchester United club currently sits seventh in the Premier League table following a 2-2 draw against Tottenham Hotspur at the weekend.
Manchester United cut its annual revenue and profit forecasts on Wednesday, after the English Premier League club was knocked out of Europe’s top tier Champions League tournament in the early stages this season.
The reduction will be a blow to British billionaire Jim Ratcliffe, who struck a long-awaited deal last month to buy a 25% stake in the club to try to revive its fortunes.
As part of that deal, Ratcliffe’s INEOS group took over management of the club’s soccer operations.
The club currently sits seventh in the Premier League table following a 2-2 draw against Tottenham Hotspur at the weekend.
Broadcasting revenue for the first quarter of its financial year rose 12.3% to 39.3 million pounds ($49.9 million), thanks to its participation in the group stage of the Champions League.
But that revenue is expected to fall after the club’s 1-0 defeat to Bayern Munich last month ended its hopes in Europe this season, piling pressure on manager Erik ten Hag.(HT)