Manchester United have revealed a fall in their revenues following last season's damaging Champions League exit.
Overall revenues slumped by 3.3 per cent to £320 million, as the Red Devils' failure to go beyond the group stages of Europe's premier competition caused an 11.3% 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% to reach £23.3m, while earnings from commercial operations hit a record-breaking £117.6m - a rise of 13.7%.
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 to £437m
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."