Manchester United's revenue shrank by almost 20% in the last financial year and the impact of Covid-19 continues to bite, but executive vice-chairman Ed Woodward vowed to continue investing in search of silverware.
The Old Trafford giants provided a glimpse into the financial strain put on elite clubs by the pandemic when announcing accounts up until June 30, 2020.
United posted total revenue of £509m for 2019-20, compared to record revenues of £627.1m in 2018-19 - a drop of 18.8% and their lowest revenue figures since £395.2m in 2014-15.
Net debt has soared 132.9% from £203.6m to an eye-watering £474.1m, and their accounts show a £23.2m loss for the financial year, with coronavirus making a direct £70m dent on the figures up until the end of June.
Woodward said there are "big challenges and uncertainties ahead" as he reflected on the accounts, but stressed that United continue to support Ole Gunnar Solskjaer in his attempts to make the side a major force.
"We will never be satisfied at Manchester United unless we are winning trophies," the executive vice-chairman said after a six-month shirt sponsorship extension with Chevrolet until the end of 2021 was announced.
"But our third-place finish in the Premier League and strong cup runs last year showed that, while there is more hard work ahead and the path is not always smooth, we are making progress.
"We have a clear strategy under Ole to build a successful, committed team, with a core of home-grown talent blended with high-quality recruits, that plays fast-flowing, attacking football."
Meanwhile, returning defender Axel Tuanzebe is determined to help United compete in the Champions League after their resolve to dominate as the "bigger club" reaped rewards at Paris St Germain.
"It was good, it was good to get a run out," Tuanzebe said. "It's a difficult game to come back to, but I'm just happy we got the win.
"We came here to win. We're in this competition to compete.
"We showed PSG respect, but ultimately we're the bigger team and we want to dominate and get the three points.
"We're a big club and we're out here to compete. We're not here for the music or for the parade.
"We worked hard last season to be in this competition, so we want to be the best we can."