Manchester United, the English soccer giant, has posted a loss of £71.4 million ($91.9 million) for the third quarter of the financial year (January to March, 2024) and has seen revenue drop by more than £30 million from the same period in 2023 after a difficult season.

The Premier League club’s loss for the quarter was up significantly from the £5.6 million deficit in Q3 last year, while revenue fell from £170 million to £136.7 million.

Across the team’s primary revenue streams, broadcast income for the quarter was down £13.2 million, or 26%, from the prior year to £37.5 million, due to the men’s first team playing in fewer matches in the quarter, in both continental and domestic competitions.

United was knocked out of the UEFA Champions League elite continental club competition in the group stage.

Commercial revenue was up slightly to £69.6 million, an increase of £200,000 over the previous year.

Sponsorship revenue was £40.7 million, a decrease of £300,000, while retail, merchandising, apparel, and product licensing revenue was £28.9 million, an increase of £500,000, due to the extension of the club’s agreement with sportswear giant adidas, partially offset by lower sales in the club store resulting from fewer matches being played at Old Trafford in the quarter.

United’s matchday revenue in the quarter was also down by almost 41% (£20.3 million) at £29.6 million, due to playing nine fewer home matches.

The club’s total operating expenses for the quarter were £203.7 million, up £27 million.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) was £13.7 million compared to £39.7 million.

Despite finishing eighth in the Premier League last season, United will compete in UEFA’s second-tier Europa League next year after winning the domestic FA Cup.

For the 2024 fiscal year, Man United is revising its previously provided revenue guidance to an expected record of approximately £660 million, in line with the previously provided range of £635 million to £665 million.

Adjusted EBITDA for the full fiscal year is now expected to be approximately £140 million for 2024, in line with previous guidance range of £125 million to £150 million.

Earlier this month, the club announced it would be commencing a proposed redundancy program that may cut approximately 250 jobs.