Manchester United will today reveal the first definitive figures on the financial cost of missing out on the Champions League.

The club have estimated revenues will fall this season by between £38 million and £48 million – a drop of between 8.77 per cent and 11 per cent on last season’s overall revenue figure of £433million – as a result of not being in Europe.

The publication of the club’s first quarter results for the financial year 2014-15 should provide accurate figures about an overall percentage drop in income.

Both the income streams from broadcasting revenue and matchday revenue – which were both £19.3 million for the first quarter of the 2013-14 financial year – can expect to take a hit.

Broadcasting revenue will suffer due to no money at all coming in from UEFA – it was worth €44.7 million (£35.7 million) to United in 2013-14 – while matchday income will be affected because there will be no European matches compared to 10 last season which were worth around £20 million combined.

The first quarterly figures, covering the three months ending September 30, 2014, will be announced this afternoon, with United executive vice-chairman Ed Woodward taking part in a conference call with investors.

The announcement will also show how much United have been able to soften the financial blow of missing out on Europe in terms of the club’s steady rise in income from sponsorship and other deals.

The figures should also provide indications on the extent to which the club’s overall wage bill has risen compared to a year ago following the spate of new signings by manager Louis van Gaal.