Manchester United revenue falls to 320m pounds

Manchester United has revealed a fall in its revenues following last season's damaging Champions League exit.

Overall revenues slumped by 3.3 percent to 320 million pounds, as the Red Devils' failure to go beyond the group stages of Europe's premier competition caused an 11.3 percent drop in broadcast income.

However, there were plenty of reasons for encouragement for the club's owners from the figures announced on Tuesday.

Net profits rose 79.2 percent to reach 23.3m pounds, while earnings from commercial operations hit a record-breaking 117.6m pounds - a rise of 13.7 percent.

The Old Trafford outfit's borrowings - a source of frustration and anger for many supporters, often directed at owners the Glazer family - have fallen from 459m pounds to 437m pounds

Despite the mixed results, United's executive vice chairman, Ed Woodward, said: "Fiscal 2012 was the best year ever for Manchester United's commercial business."