Ligue 1 club Paris Saint-Germain recorded sponsorship revenue of €94.1m ($106.5m) in its 2018 financial year, down by 13 per cent on the €108.1m recorded the previous year.
The drop follows a period of sustained growth for the club which has seen sponsorship value increase by 523 per cent since the 2011-12 season.
PSG has also multiplied its overall income five-fold since 2011, reaching €540m in 2018.
The increases reflect the infusion of money into the club from ownership group Qatar Sports Investments, which bought 70 per cent of PSG in 2011 and the remaining 30 per cent in 2012.
PSG reported the following sponsorship figures for the last seven years:
2017-18: €94.1m
2016-17: €108.1m
2015-16: €105.5m
2014-15: €96.5m
2013-14: €56.3m
2012-13: €18.3m
2011-12: €15.1m
Despite the fall in sponsorship revenue, PSG registered five new partners in 2017-18: Unibet, Renault, Socios.com, Lovebet and Hubside.
At the same time, Ooredoo, Orange, Mumm, American Express, Hugo Boss and Coca-Cola renewed deals with the club. Coca-Cola extended until 2021.
In the year, PSG sold more than 800,000 replica shirts and launched a collection with the Jordan brand, which sold 150,000 products within the first month of sales.
PSG also opened two new offices overseas in 2017-18 – in Singapore and New York.