Manchester United’s income from player trading offset declining ticket sales and television rights after the soccer club failed to qualify for the Champions League.

United had net income of £8.9 million for the three months ending September 30th, compared to a £300,000 pound loss for the year-earlier period.

Revenue fell 9.9 per cent to £88.7 million pounds.

Profit on player trading was £18.3 million pounds for the quarter, compared to £1 million a year earlier.

United spent £170.4 million to sign players including Angel di Maria in the offseason, and earned about £36.8 million pounds from trading Danny Welbeck among others, according to transfermarkt.co.uk.

Transfer costs are amortized over the duration of a player’s contract, while receipts go straight onto the balance sheet.

United was seventh in the Premier League last season and didn’t qualify for the Champions League for the first time in 19 years.

It’s seventh in the league after 11 of 38 games this season, two points off fourth place – the final spot for a Champions League place next season.

– Bloomberg