(AP Photo/Jon Super)

Manchester United finished seventh in the Premier League this season, meaning the Red Devils will miss out on European play for the first time in nearly 25 years and costing Manager David Moyes his job after just one season. But the team, which is owned by American Malcolm Glazer, still did pretty well at the bank.

The BBC is reporting that the team generated $18.5 million in profit over the first quarter of the year, up significantly from about $6 million over the same span a year ago, and that overall revenue rose to a record $193.5 million.

Club executive vice chairman Ed Woodward said: “We once again generated record revenues as all of our businesses delivered impressive year-over-year growth.

“This puts us in a healthy position to continue to invest in the squad. Everyone at the club is working hard to ensure the team is back challenging for the title and trophies next season”.

The club’s overall debt fell $26.8 million to $589.2 million. In February, the Independent reported that the Glazer family had spent $1.2 billion toward interest fees, bank charges and debt repayment since taking over the franchise in 2005, while only spending $640.1 million on player acquisition over that span. That’s less than Manchester City, Chelsea, Liverpool and Tottenham, all of which finished above Manchester United in the Premier League standings this season.

But Man U’s failure to qualify for European competition for the first time since 1989-90 will cost the franchise around $58.6 million in lost earnings, according to the Financial Times. Of course, the team’s possible new deal with Adidas — reported to be in the neighborhood of $100 million annually — could help soften the blow down the line.