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anchester United has suffered a £118 million (AUD$217 million) loss in revenues in the last financial year.

The most celebrated team in the EPL recorded revenues of £509 million (AUD $938 million) down from £627 million (AUD$1.1 billion) with the impact of the coronavirus pandemic said to have played a major part in the downturn.

The club estimates that £70 million (AUD $129 million) of revenue lost across the year can be attributed to the pandemic.

Following the three-month football lockdown, Manchester United played one home and two away closed-door matches once competition resumed.

The club says this significantly impacted broadcast revenue.

Last week, Manchester United executive vice-chairman, Ed Woodward expressed frustrations towards the rules surrounding live sport attendance and urged the UK government to follow examples throughout Europe.

“If people are allowed to sit in a plane for hours, or in the cinema, or even watch football in a cinema why not outside in a stadium environment which is professionally managed and controlled,” said Woodward.

“We expect the impact to remain visible for quite some time to come,” he said.

The losses come as Deloitte release the results of their 2020 Football Money League European rankings.

The report details 2018-19 earnings across the football industry, with FC Barcelona securing top spot with €800 million (AUD$1.3 billion) in recorded revenue.

Real Madrid and Manchester United round out the top three with €757 million (AUD$1.2 billion) and £627 million (AUD$1.1 billion).

While Manchester City, Liverpool, Tottenham, Chelsea, Arsenal and West Ham United all rank within the top ten for highest earnings in the EPL.