Manchester United's absence from the Champions League this season and costs related to their redundancy programme contributed to the club making an operating loss of £6.9m for the first quarter of the 2024-25 financial year.
The Red Devils finished eighth under former manager Erik ten Hag last season - their lowest ever Premier League placing - to miss out on Europe's top club competition.
That has resulted in a 20.4% drop in broadcasting revenue in the quarter ending 30 September (£31.3m), compared to the corresponding quarter last year (£39.3m).
United's FA Cup win last term means they are competing in this season's Europa League instead.
Commercial revenue was also down 5.6% in the quarter from £90.4m to £85.3m, with matchday revenue decreasing by 3.3% - £27.4m to £26.5m.
The club recorded an exceptional cost of £8.6m in these figures which they said "comprises costs incurred in relation to the restructuring of the group's operations, including the redundancy scheme implemented in the first quarter of financial year 2025".
United have previously said they expect the restructuring will lead to savings of between £40m and £45m, which they anticipate will have a positive impact on their financial results for 2025 and 2026.
United posted a £1.9m profit in the same quarter last year, but ended the period with net losses of £113.2m.
The club said in September they remained confident they were compliant with the Premier League's profitability and sustainability rules, which permit maximum non-allowable losses of £105m over three seasons.
United's wage bill was down by £10.1m to £80.2m for the quarter. The club attributed this 11.2% drop "primarily to changes in the make-up of the first-team playing squad".
The club's chief executive Omar Berrada said United's cost and headcount reductions remained "on track", as did work to renovate the club's Carrington training ground.
He confirmed a taskforce weighing up the benefits of redeveloping Old Trafford or building a new stadium on adjacent land was continuing its work.
"Once it has delivered its recommendations, we will then take some time to digest them and evaluate all our options in the upcoming year," Berrada said.
The taskforce is chaired by World Athletics president Lord Coe and also features former United defender Gary Neville.
The club are predicting total revenue for 2025 of between £650m and £670m.
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