Manchester United’s income fell by £38m in 2014-15 due to the team’s failure to qualify for the Champions League, but despite that, the six children of the club’s owner, Malcolm Glazer, stand to earn £15 million from the year.

The five sons and one daughter of Malcolm Glazer will be paid $3.9m (£2.5m) each annually, as the majority shareholders of Manchester United plc, the United holding company.

In the 2014-15 accounts of Manchester United plc, the company announced it will pay a dividend of $0.045 (£0.03) every quarter, for each share owned by a shareholder.

The six Glazer siblings together own approximately 131m shares, 80% of the total issued, according to a spokesman for the club.

Although the club’s revenue was hit by the failure under former manager, David Moyes, to qualify for European football’s elite competition, United’s total income of £395m was still a Premier League record.

The figures show the impact of not playing Champions League football last season for the first time since 1995 and broadcasting and matchday revenue were hardest hit. Broadcasting revenue was down £28.1million to £107.7million, a drop of 20.7 per cent. Matchday revenue was down £17.5million, a fall of 16.2 per cent, to £90.6million.

United’s gross debt rose by 20.2 per cent to £411million, although this is partly down to volatility of the exchange rates.

Better news for United came with the club’s commercial performance, with sponsorship revenues up 14.1 per cent to £154.9million.

With the club back in the Champions League and with a new £750 million kit deal on the books, United are confidently predicting they will become the first English side to break the half-billion-pound mark for revenue for the current financial year.

Ed Woodward, United’s executive vice chairman, claims the results show the club were able to flourish despite missing out on the Champions League and will be much stronger in the next fiscal year.

“As we look to the new season, we are enthusiastic about our strong position, both on and off the pitch,” he said. The blip last year showed what he claimed was an ability to withstand “short term headwinds.

“Our record revenue and [underlying profits] guidance for 2016 reflects the underlying strength our our business and our confidence in its continued growth.”