Manchester United's income has dropped by nearly 10 percent in the first quarter of the financial year following the English giants' failure to qualify for this season's edition of Europe's elite Champions League.

Accounts published by United on Tuesday showed revenues for the three months ending September 30 was £88.7 million ($138.8 million, 110.9 million euros), a decrease of 9.9 percent.

However, the fall in income could have been greater but the cost of missing out on European football has been partly offset by an increase in sponsorship money, with United remaining one of the world game's most popular clubs and strongest brands, as well as a reduced wage bill at Old Trafford.