United reveal revenue drop

Manchester United have recorded a fall in their annual revenue as a result of last season’s damaging Champions League exit.

The Premier League club’s revenue fell by 3.3 percent to 320 million pounds after the Red Devils’ failure to go beyond the group stage of Europe’s premier club competition caused an 11.3 percent drop in broadcast income.

However, there were plenty of positives for the club’s owners from the figures announced on Tuesday.

Net profits rose 79.2 percent to reach 23.3 million pounds, while earnings from commercial operations hit a record-breaking 117.6 million pounds – a rise of 13.7 percent.

The Old Trafford outfit’s borrowing – a source of frustration and anger for many supporters, often directed at the club’s owners – have fallen by 12 million pounds to 437 million pounds.

Despite the mixed results, United’s executive vice chairman Ed Woodward said: “Fiscal 2012 was the best year ever for Manchester United’s commercial business.”