(Reuters) -Manchester United lowered its full-year revenue and profit forecasts on Wednesday, after the English Premier League club was knocked out of this season’s European Champions League football tournament.
The cut comes as a blow to British billionaire Jim Ratcliffe, who struck a long-awaited deal last month to buy a 25% stake in the club to try to revive its fortunes.
The English club reported a smaller net loss of 25.8 million pounds ($32.7 million) for the first quarter ended Sept. 30, compared with 26.5 million pounds a year earlier.
The 20-times English champions now expects full-year revenue of 635-665 million pounds, less from its previous forecast of 650-680 million pounds.
It expects adjusted core profit of 125-150 million pounds, compared with 140-165 million pounds earlier. ($1 = 0.7890 pounds)
(Reporting by Eva Mathews and Yadarisa Shabong in Bengaluru; Editing by Savio D’Souza)
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