Manchester United has lost £23-million in revenue in the third quarter, as COVID-19 crisis heavily contributed to the downturn.
The Premier League club also withdrawn its annual financial targets.
Broadcasting revenue was reduced more than half in the third quarter ended March 31, causing total revenue to slide 19 per cent to £123.7 million.
Net debt skyrocketed by more than 42 per cent to £429 million as Man United recorded a net loss of £22.8 million once the cost of financing that burden was taken into account.
United is expected to have to sacrifice around £20 million in broadcast revenue over the full season.
However, executive vice-chairman Ed Woodward said he was optimistic about the future amid hopes the Premier League could resume next month.
He pointed to the return of the German Bundesliga last weekend as a positive sign for football survival.
Top clubs have returned to training this week with the aim of resuming matches behind closed doors in June.
United most recent match was a 2-0 win over rivals Manchester City in the Premier League at Old Trafford on March 8.