Manchester United‘s early exit from Europe could cost the club up to £45million.

Erik ten Hag’s side endured a disastrous Champions League campaign, finishing bottom of their group and therefore missing out on a place in the Europa League.

And, in latest financial figures, club officials have had to readjust their expectations for the year – lowering expected revenues from £635m to £665m from previous guidance of £650m to £680m.

The numbers, which show a loss of £25.8m for the period, will be of interest to incoming 25 per cent investor Sir Jim Ratcliffe, whose proposal is expected to be ratified in mid-February.

He will be buoyed by the fact first quarter revenues are up by 9 per cent year-on-year to £157.1m, which the club say ‘reflect strong economic foundations’.

Manchester United's exit from the Champions League could cost them approximately £45million

Manchester United's exit from the Champions League could cost them approximately £45million

Manchester United’s exit from the Champions League could cost them approximately £45million 

It comes as Sir Jim Ratcliffe's offer to purchase a 25 per cent stake in the club is expected to be ratified in mid-February

It comes as Sir Jim Ratcliffe's offer to purchase a 25 per cent stake in the club is expected to be ratified in mid-February

It comes as Sir Jim Ratcliffe’s offer to purchase a 25 per cent stake in the club is expected to be ratified in mid-February 

United crashed out of the Champions League late last year after finishing bottom of Group A

An indication of the underperformance of the first team squad, currently in seventh place in the Premier League, comes via employee expenses, which were up £90.3m thanks to higher wages and investment in players.

The club’s historic debt, which dates back to the Glazer family’s leveraged takeover and is viewed by many as a major, lingering stain, stood at £528.8m.

Documents lodged with the US Securities and Exchange Commission state that Ratcliffe's offer would represent a 27.69 per cent ownership

Documents lodged with the US Securities and Exchange Commission state that Ratcliffe's offer would represent a 27.69 per cent ownership

Documents lodged with the US Securities and Exchange Commission state that Ratcliffe’s offer would represent a 27.69 per cent ownership

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Following the release of the figures, Ratcliffe’s tender offer was officially submitted to the market. 

Documents lodged with the United States Securities and Exchange Commission showed the offer would represent a 27.69 per cent ownership interest and 28.71 per cent voting interest in United.

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