Manchester United PLC reported that quarterly revenue generated with Retail, Merchandising, Apparel & Product Licensing totaled 8.3 million pounds, which represents a 10.8% decrease compared to similar period in the previous financial year.

For the full year, Retail, Merchandising, Apparel & Product Licensing revenue reached 31.6 million pounds, a 15.7% decline over the prior year. A drop in revenue mainly driven by Nike’s reduced guaranteed revenue due to non-participation in UEFA competitions in the current season and the extended final period of the team’s partnership with Nike, which ended on the 31st of July.

Nike’s contract to manage the business expired on the 1st of August, with the Germany-based sportswear giant Adidas taking over from its rival under a 10 year contract that guarantees the club 750 million pounds in revenue. Nike’s contract was in place for 13 years, with an agreement of a minimum payment of 303 million pounds plus half of annual profits from the club’s merchandising and licensing operations.