Manchester United’s revenue fell in the six months to December, largely because of the club’s absence from this season’s Champions League.
Broadcasting revenue fell by 33.4% over the period, although commercial revenue rose by 6.5% and matchday revenue remained largely the same.
For 2020, the club expects its total revenues to be between £560m and £580m.
Ed Woodward, the team’s executive vice-chairman, said the team had made “progress on our squad rebuild”.