Manchester United's failure to qualify for the Champions League in 14-15 will result in a shortfall of approximately £35 million.
United reported record revenues for the third quarter of the financial year on Thursday, up 26% to £115.5m, but also revealed that staff costs had increased 18.9% to £53.4m due to the acquisition of new players and negotiation of new contracts. Juan Mata cost the club £37m in January while Nani and Adnan Januzaj have agreed new deals.
Executive vice-chairman Ed Woodward, who claimed that Manchester United are "so far away from being a mature business", also confirmed that a new kit deal is progressing and that season tickets for next season are currently "selling well".