Manchester United has dropped out the top three of Europe's top earning clubs for the first time.
The club are now fourth in Deloitte's Football Money League and are behind leaders Real Madrid, Barcelona and Bayern Munich based on income from 2012/2013.
The results are yet another setback for the defending Premier League champions who currently languish 14 points behind leaders Arsenal and have struggled since Sir Alex Ferguson's retirement in May.
Despite the current gloom, analysts believe United can climb the table and reclaim third spot from Bayern Munich due to their current financial strength and investment potential.
Manchester City were the next highest-earning British club in sixth, with Chelsea and Arsenal finishing seventh and eighth respectively.