... dropped out of the top three of Europe's top-earning clubs for the first time.
United, 14 points behind Barclays Premier League leaders Arsenal and knocked out of the Capital One Cup on Wednesday night on penalties by Sunderland, are now fourth in the Deloitte Football Money League behind leaders Real Madrid, Barcelona and Bayern Munich based on income from the 2012/13 season.
Newcastle United have fallen outside of the top 20 highest-earning football in the country, according to Deloitte research.
The club dropped to 25th position in the table, below the likes of Napoli, Valencia and VfV Stuttgart.
According to the report, the fall in rankings could be temporary as Premier League clubs like Newcastle are expected to benefit from lucrative television contracts before next year’s positioning.
Elsewhere in the rankings, the success of Manchester City pushed the club to 6th position, putting them above rivals Chelsea in 7th position and Arsenal in 8th.
Liverpool were knocked out of the top ten for the first time since the 1999/2000 season, while Paris Saint-Germain climbed into the top five.