MANCHESTER: 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)