It looks as though Manchester United has made up in other ways for the estimated £50m hit it suffered by not qualifying for this year’s Champions League

The club has announced it could generate operating profits of up to £110m in 2015, almost equal to the £113m figure it recorded last year with Champions League football.

Ed Woodward, Executive Vice Chairman commented on the performance:

"As the season approaches its conclusion, we are pleased with the team’s performance in Louis van Gaal’s first season as manager and are well positioned to achieve a top four finish in the Premier League and to return to European football next year."

He continues: "We look forward to next season, on the playing side we expect to be challenging for trophies in all competitions and on the commercial side we are excited by the numerous opportunities for further growth, including the first year of our ten year partnership with adidas."

The loss of European revenues has been offset by higher commercial revenues, and a 6 percent cut in the club’s wage bill.

United recently became one of the first Premiership clubs to sign up to an initiative to pay all employees the agreed living wage in the UK.

Announcing third quarter results, the club revealed that its debts have risen by 12 percent to £395m but suggested it has significant leeway to make further player purchases during the summer.

The team begins one of the world's most lucrative deals with a kit provider next season as it switches from Nike to Adidas in a move that is worth £750m over 10 years.