Manchester United’s revenue could take a £100m hit if they do not qualify for Europe next season, with their failure to reach the Champions League already ensuring a deficit of more than £50m.

And that is expected to restrict their transfer business this summer as Sir Jim Ratcliffe’s INEOS face the daunting task of making Old Trafford a place for opponents to fear once more.

United’s latest calamity, a 4-0 defeat away to Crystal Palace on Monday night, leaves them in eighth position with three games to play.

If Erik ten Hag’s team remain in that position, it means they will need to beat neighbours City in the FA Cup final on May 25 to qualify for the Europa League.

A Champions League place has long been out of reach but having crashed out of the group stages this season United still earned £41m in UEFA prize money.

However their quarterly financial results pointed to an expected decrease of £45m in revenue for missing out on the knockout stages.

Even if they do make the Europa League, the financial returns for the secondary competition are a fraction of the main show. The four semi-finalists this season have made between £13m and £15m for their efforts.

It is also common for sponsors across the sport to have clauses inserted offering bonuses for Champions League qualification, meaning another revenue stream is shut.

On the other hand a number of players have contracts including European football incentives, which should see a small decrease in the wage bill.

Ten Hag is now widely expected to depart in the summer owing to this season’s underperformance while wholesale changes to the playing squad are expected - even if United’s spending power will be limited by this campaign’s shortcomings.

United, who remain in the process of overhauling their executive structure, must be mindful of financial fair play regulations and there is a wide expectation that sales will be required to fund purchases.

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