“Revenue is currently being recognised based on management’s estimate as at 31 December 2019 that the full minimum guarantee amount is the most likely amount that will be received, as management does not expect two consecutive seasons of non-participation in the Champions League,” it read.
United failed to qualify for this season’s Champions League after a sixth-place league finish last year. Former manager Jose Mourinho was dismissed midway through the campaign.
The club expects revenues to fall by as much as £67m this year, to somewhere between £560m and £580m, largely because of the lack of elite-level European competition
A second consecutive year would damage United’s finances further and see a 30 per cent reduction in the £75m-per-year deal with kit manufacturer Adidas.
United were four points adrift of fourth-place Chelsea at the end of December, when the report to the SEC was compiled, and are now a point closer to Frank Lampard’s side.
Solskjaer’s hopes of qualifying have since been boosted by the prospect of the fifth-place in the Premier League being awarded City’s Champions League spot.
City, who were found guilty of breaching Uefa’s Financial Fair Play regulations earlier this month, are set to appeal against their two-year ban at the Court of Arbitration for Sport.
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