Manchester United saw revenues fall by £38m in the year to June, mainly due to failure to qualify for the UEFA Champions League.
Total revenues were £395.2m, down from £433.2m, but sponsorship income hit record levels, up by 14.1% to £154.9m.
It came as the club had a second trophy-less season in 2014-15.
That caused matchday revenues for the year to fall by 16% to £90.6m, and broadcasting income to drop by a fifth to £107.7m, a decrease of £28.1m.
Being out of the Champions League cost the club around £35m in match and broadcasting revenues.
This was slightly offset by a £12m drop in staff costs.
Man Utd currently sit third in the Premier League and are in the group stages of the Champions League, but lost their opening game to PSV.
