Manchester United have announced a loss of £11.4, before tax, in their third quarter. When Champions League football returns, that should go a large distance to turning around the figures in future.
Broadcasting revenue tumbled by 39% without European competition, as well as exits from the FA Cup and League Cup. Matchday revenue is down 31%, or £25.5 million, as fewer games were played. Unsurprisingly, sponsorship deals meant commercial revenues were up 11.7%, or £47.8 million - which is what the business is for now, making money for the owners, only incidentally fielding a football team now and then.
Ed Woodward, chief clown, said: "We are well positioned to achieve a top four finish in the Premier League and to return to European football next year. As we look forward to next season, on the playing side we expect to be challenging for trophies in all competitions and on the commercial side we are excited by the numerous opportunities for further growth, including the first year of our ten year partnership with Adidas [which is worth £75 million a season]."
Woodward also said he expected to be "active" in the transfer window, suggesting he realises his first year and a half of transfer windows have largely been a waste of time, delivering only Juan Mata, Marouane Fellaini and... nobody else who've made a positive impact on the pitch.
EBITDA profit was expected to reach £103-110 million for the year, which is roughly one-and-a-bit Gareth Bales.