Manchester United released their financial results for the quarter on Monday, with the club's net debt rising by more than £100 million.
Per Tom Doyle of the Evening Standard, the Red Devils posted revenues of £135.4 million for the first quarter of the 2019-20 season, which is a £400,000 increase on the same period as last year.
However, the net debt has jumped from £247.1 million to £384.5 million. It's added that the team's wage bill has also dropped by 8.8 per cent, with the club saying this is "primarily due to reductions in player salaries as a result of non-participation" in the UEFA Champions League.
In line with the absence of Champions League football this season, United's estimation of £560-580 million in revenue for the year is down on the £627.1 million for the prior quarter, ending June 30.
Per the Manchester Evening News, broadcast revenue was also down after United's failure to make it into Europe's elite club competition. Broadcast income for the quarter was £32.9 million, down by £9.9 million from the prior quarter.
David Conn of the Guardian provided more analysis on the results:
Following the results, Ed Woodward, the club's executive vice-chairman, said "our ultimate goal is to win trophies by playing exciting football with a team that fuses graduates from our Academy with world-class acquisitions."
Simon Stone of BBC Sport relayed more quotes from Woodward, in which he highlighted the importance of players coming through the academy at United:
It would appear there remains a huge interest in the Red Devils, that despite their modest finishing position last season and their struggles at the start of the current campaign:
United's managing director Richard Arnold spoke about the growth of the club from a social media perspective, particularly that of the women's team:
The Red Devils finished in sixth place in the Premier League last season. Jose Mourinho was sacked by the club last December after a torrid start, before current manager Ole Gunnar Solskjaer took over.
Ahead of the current campaign, the club signed Harry Maguire for a world-record fee for a defender, as well as Aaron Wan-Bissaka and Daniel James.
United sold Romelu Lukaku to Inter Milan in the summer, with Alexis Sanchez following him on loan. Ander Herrera also departed after he signed with Paris Saint-Germain following the expiration of his contract at Old Trafford.