Manchester United have announced record income from sponsorship deals but a decrease in matchday and broadcast revenues for the 2015 fiscal year.
United were expected to reveal a sharp decrease in money earned from TV revenue as a result of missing out on Champions League football last season following David Moyes' disastrous spell in charge of the club.
However, while the club have confirmed a drop of more than 20 per cent in broadcast money to £107.7 million and a 16.2% decrease in matchday income to £90.6m, they remain in a healthy financial position thanks largely to new sponsorship deals.
The club have enjoyed a record £154.9m sponsorship revenue - an increase of 14.1 per cent - due in the main to a total of 11 new lucrative partnerships, while a decrease of 5.5 per cent in the total wage bill has softened the blow of a lack of European football.
A mammoth 10-year contract with kit sponsor Adidas, worth £75m per year, has also contributed to a commercial revenue of £196.6m - a 4 per cent increase on 2014.
Though United's total revenue for 2015 has dropped from £432m to £395m, a growth of 10 per cent in the most recent quarter underlines that income is on the up, while net debt has now dropped to £255m despite a 20 per cent rise in gross debt to £411m as a result of the strengthening of the US dollar.
Crucially, the 20-time Premier League champions have also confirmed they expect total revenue of between £500m and £510m for the 2016 fiscal year, which would be a club record.
Executive vice-chairman Ed Woodward said: "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 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.
"Our record revenue and EBITDA guidance for 2016 reflects the underlying strength of our business and our confidence in its continued growth."
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