(ShareCast News) - Failure to qualify for last season's Champions League saw Manchester United post a decline in annual revenues.Total revenues fell 8.7% year-on-year, dragged lower by a 16% decline in matchday revenue to £90.6m and a 20.6% drop in broadcasting income to £107.7m.In a statement released on Thursday, the 20-time champions of England said missing out on European football's elite competition cost them approximately £35m in match and broadcasting revenues.However, being out of the Champions League saved the club around £12m in wages.United, who are currently third in the Premier League and marked their return to European football with a 2-1 defeat away at PSV Eindhoven on Tuesday night, reported sponsorship income hit record levels last year.Sponsorship-related revenues rose 14.1% to £154.9m, driven by the 10-year kit manufacturing deal the club signed with Adidas at the end of last season, which is worth £75m a season, by far the biggest deal of its kind in football.The club said it was on track to post revenue of between £500m and £510m in the current financial year, boosted by the return to the Champions League."As we look to the new season, we are enthusiastic about our strong position, both on and off the pitch," said Ed Woodward, club executive vice-chairman."In recent weeks we have further strengthened our squad with an exciting mix of experience and youth, qualified for the group stage of the UEFA Champions League, and seen an impressive launch of our partnership with Adidas."Supporters will hope Woodward's bullish stance will be reflected by results on the pitch, as United seek to avoid a third consecutive season without silverware.Meanwhile, the club has announced it is aiming to raise $400m by selling new share on the New York stock exchange.Manchester United shares were down 0.44% to $18.30 at 1600 BST on Thursday.
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