Manchester United's first half-year results: Commercial income now accounts for 50 per cent of total revenue

The club's revenue fell by 11.6 per cent to £303.8 million in the first half of the season, United's just-released financial results show.

On the plus side, the club's commercial revenue increased and now accounts for around 50 per cent of the total income.

Heavily impacted by a decrease in broadcasting revenue, the results show the importance of Champions League participation.

Pre-tax profit rose thanks to a decrease in operating expenses.

Share price down 5.05 per cent. The club is now valued at $2.97 billion.