Manchester United's owners have warned potential investors that the club may struggle to attract top players and coaches if they fail to qualify for the Champions League for the second successive season.
The Glazer family are expected to raise around £87m by selling their shares in the club on the New York Stock Exchange.
In its prospectus, United has warned of the implications of missing out on Europe's elite competition again and revealed that income from its new kit deal with Adidas will drop from £75m to £52.5m if they fail to qualify.
The prospectus says: "Because of the prestige associated with participating in the European competitions, particularly the Champions League, failure to qualify for any European competition, particularly for consecutive seasons, would negatively affect our ability to attract and retain talented players and coaching staff, as well as supporters, sponsors and other commercial partners.
"Failure to participate in the Champions League for two or more consecutive seasons would also reduce annual payments under the recently announced agreement with Adidas by 30% of the applicable payment for the year in which the second or other consecutive season of non-participation falls."
United sacked David Moyes as manager after failing to make it into the Champions League last season.
