The impact of not qualifying for this season's Champions League saw first quarter revenues at Manchester United fall by almost 10 per cent.

The club today says turnover in the three months to September 30 was £88.7m compared to £98.5m in the same period last year.

Underlying pre-tax profits dropped to £20.3m from £22.2m.

The club also downgraded its financial predictions for the rest of the year to be £385m, down from £395m and said it expected earnings to be £90m rather than £95m.

MORE: M.E.N. head of business Adam Jupp gives his view on the Reds' latest accounts here.

Ed Woodward, Executive Vice Chairman, said: “While we recognize that the 2014/15 fiscal year financial results will reflect our absence from the Champions League, we signed the largest kit sponsorship deal in the history of sport in the first quarter and, with that concluded, we are excited to focus our efforts on the meaningful growth opportunities in sponsorship, digital media and retail and merchandising.”

Commercial revenue for the quarter was £56.8m, a decrease of £3.1m over the prior quarter.

Due to not playing in this season's Champions League the club has seen a £2.5m drop in broadcasting revenue to £16.8m during the three months to September 30.

Money from matchdays was also down by £4.2m to £15.1m in this quarter, again by because of the club's Champions League absence as well as one less domestic cup home game taking place compared to last year.

United signed the largest kit manufacturer sponsorship deal in sports history with adidas, worth £750m over 10 years with retail, e-commerce and licensing reverting to Manchester United from August 1 2015.

Players including Daley Blind, Angel Di Maria and Marcus Rojo were also signed by United in the period, as was Radamel Falcao on loan.

It followed the signings of Ander Herrera and Luke Shaw earlier in the transfer window and resulted in the second highest summer spend by a football club, behind only Real Madrid's outlay in 2009 when they spent £212m on the likes of Cristiano Ronaldo and Kaka.

In the quarter to the end of September United announced five sponsorship deals with Nissin and Abengoa, the Association of Football Federations of Azerbaijan, Maybank and Gloops.

The club also said another highlight was the five tour matches played across the US to a cumulative stadium audience of more than 360,000 people. That included a record US attendance of 109,318 at ‘The Big House’ in Michigan.