English soccer club Manchester United PLC (NYSE: MANU) reported financial results for its fourth quarter and full 2014 fiscal year Tuesday, and the results were not pretty. The club posted an adjusted net loss per share for the quarter of £3.85 (about $6.20). Net income in 2013 totaled £146 million compared, with £23.8 million in 2014. ManU was the beneficiary of a tax credit for deferred U.S. taxes worth £155.2 million in 2013.

Commercial revenues for the year rose 24.1%, thanks to new and renewed sponsorships to a total of £189.3 million. Merchandise revenues fell though, probably as a result of the team’s performance on the field. Broadcasting revenues were up 33.7% to £135.8 million and game day revenues were down £1 million, which the club attributed to lost revenue from additional matches in the prior year related to the London Olympic Games.

Operating expenses rose by £62 million, more than half of which went to employees. The club fired its manager and his staff in April, incurring £5.2 million in compensation payments.

For the 2015 fiscal year, ManU said it anticipates revenue of £385 million to £395 million. That is well below 2014 revenue of £433.2 million and is likely due to the team’s failure to make qualify for the Champions League for the first time in 20 years.

Shares traded down about 3.6% in Wednesday’s premarket to $15.00, but had recovered to $15.31 in morning trading. The 52-week range is $14.26 to $19.97.

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