Manchester United PLC has lowered its fiscal 2024 revenue and adjusted EBITDA forecasts, citing an early exit from the Champions League and the related lower broadcasting revenues.

The club now expects revenue to be within £635 million to £665 million compared with prior guidance of £650 million to £680 million pounds.

It expects adjusted EBITDA of £125 million-£150 million, down from prior guidance of £140 million-£165 million.

Announcing financial results for the 2024 fiscal first quarter ended September 30, 2023, the club said it achieved record total first quarter revenue of £157.1 million driven by record matchday and commercial revenue.

“Our USD non-current borrowings as of 30 September 2023 were $650 million, which was unchanged from 30 September 2022,” said the club.

“As a result of the year-on-year change in the USD/GBP exchange rate from 1.1173 at 30 September 2022 to 1.2208 at 30 September 2023, our non-current borrowings when converted to GBP were £528.8 million, compared to £577.4 million at the prior year quarter.

“In addition to non-current borrowings, the group maintains a revolving credit facility which varies based on seasonal flow of funds. Current borrowings at 30 September 2023 were £204.4 million compared to £102.9 million at 30 September 2022.

“As of 30 September 2023, cash and cash equivalents were £80.8 million compared to £24.3 million at the prior year quarter.”