The main driver of United’s decrease in revenues was the drop in broadcast revenues.

The club said this was down to United’s men’s first team playing in the Europa League compared to the Champions League in the 2023-24 season.

Now led by Ruben Amorim, United sit a lowly 15th in the Premier League table but are through to the Europa League knockout stages, as well as the fifth round of the FA Cup.

Overall, the club made a quarterly operating profit of £3.1m, which was down from £27.5m over the same period in 2023, but United said club debt increased from £506.6m to £515.7m because of “unfavourable” exchange rate changes.

Included in the results is a £14.5m ‘exceptional item’ figure, made up of the £10.4m spent on sacking Ten Hag and his coaching staff in October and £4.1m for the departure of Ashworth in December.

Commercial revenue was up 18.5% from £71.8m to £85.1m, as a result of the front-of-shirt partnership with Snapdragon.

“We recognise the challenges in improving our men’s team’s league position and we are all working hard, collectively, to achieve that,” said Omar Berrada, United’s chief executive officer.

Berrada said the club’s redevelopment of the training ground was “on track”.

The £11m cost of appointing new head coach Amorim and his staff is not specifically mentioned in United’s latest financial results.

United sources say that cost is being spread over their two-and-a-half-year contracts.

The club paid the sum to activate Amorim’s release clause at Portuguese outfit Sporting while he was under contract and with the 2024-25 season under way.

Sir Jim Ratcliffe, United’s co-owner, has a 28.94% stake in the club through his Ineos group.

The British billionaire has sought a number of cost-cutting measures in order to help the club to comply with profit and sustainability rules.

Under profit and sustainability rules (PSR), clubs can record a maximum loss of £105m over a three-year reporting period.

United’s losses over the past five years total over £370m, but some costs – such as infrastructure costs, youth development and community spending – do not count towards PSR calculations.

Since Ratcliffe’s investment was announced in December 2023, United have made about 250 staff redundant.

The club made two men’s team signings in the January transfer window, with Patrick Dorgu arriving from Lecce and Ayden Heaven joining from Arsenal.

Marcus Rashford, Antony and Tyrell Malacia all left United on loan.

However, transfer activity in January is not included in the latest financial results as it falls outside the quarterly timeframe.