Manchester United profits dive on Champions League absence
Manchester United posted sliding quarterly profits Thursday as the team paid the price for failing to qualify for the lucrative UEFA Champions League.
Operating profit dived one third to £6.2 million (7.2 million euros, $7.7 million) in three months to September 30, or the first quarter of the club's 2016/2017 financial year.
That compared with £9.5 million in the same period a year earlier, the group said in a results statement.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) dropped 25 percent to £31.2 million.
"Our financial results for this quarter reflect the impact of our non-participation in the UEFA Champions League," said executive vice chairman Ed Woodward.
But he added: "We are pleased that we remain on track to deliver record revenues revenues for the coming year.
"During the quarter we added a number of top quality players to our squad, which once again demonstrates our determination to challenge for trophies."
The team signed Eric Bailly, Zlatan Ibrahimovic, Henrikh Mkhitaryan and Paul Pogba over the quarter.
United failed to qualify for the Champions League with their fifth place finish in the Premier League last season.
That sparked the sacking of former manager Louis van Gaal who was replaced with Jose Mourinho in May.
Following the start of the new season, United lie sixth in the English Premier League -- adrift of the top four finish they need to qualify for European club football's elite competition for next season.
© 2016 AFP