Manchester United results: United stand to lose £35m after missing out on Europe, reveals chief executive Ed Woodward
Woodward was grilled in a conference call with the New York Stock Exchange but stressed that they will be 'active in the transfer market'
Manchester United chief executive Ed Woodward revealed today that the club’s failure to qualify for any European competition next season will cost the club around £35m in lost revenue.
In a conference call with New York Stock Exchange investors in which Woodward said that that the club would be “active in the transfer market” whilst still continuing attempts to secure a new manager, he said the total losses were “mid 30millions of pounds.” He said that a 15 per cent reduction in price of executive facilities because of the exit from Europe had contributed to the downturn in United income.
Woodward told investment analysts that he expected increase in player wages year on year, next year, partially because “we are looking at investing in players this summer,” as he put it. Woodward also said that United’s business planning was built around an immediate return to Champions League football next season.
“The club’s expectations - and you will see this in the transfer market - is to be straight back in to the Champions League,” he said. That much had been “from the managerial perspective,” he said. Woodward did not make any direct reference to David Moyes – who was dismissed last month - but he did provide information, at analysts’ requests, about the size of the Scot’s pay-off. He said he expected it to to be “single digit million pounds.”
There was no reference to Louis van Gaal – whom United will not announce as manager before early next week and Woodward said that no transfers had been secured. “The transfer window is upon us and deals are being done but not done in the past tense,” he said.
Latest in Sport
Liverpool's 2005 Champions League-winning side: From Jerzy Dudek to Vladimir Smicer - where are they now?
Jack Wilshere's final-day strike wins Match of the Day's Goal of the Season award after Arsenal fans hijack vote
Jurgen Klopp favourite to replace Brendan Rodgers at Liverpool if he's sacked
Premier League 2015/16 kits: Confirmed and rumoured strips from Arsenal, Manchester United, Liverpool, Chelsea and others
Brendan Rodgers: 87 per cent of readers think Liverpool should sack their manager
- 1 Cyclist who knocked down three-year-old girl says his life has been 'destroyed'
- 2 A politically correct lefty goes to see Top Gear live – you'll probably believe what happened next
- 3 Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
- 4 Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
- 5 Snoop Dogg on why he doesn't regret displaying misogyny towards women
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
The day that Britain resigned as a global power
Almost a third of school pupils believe 'Muslims are taking over our country', study claims
SNP fury as HS2 finds 'no business case' for taking fast train service to Scotland
Gay marriage 'Bert and Ernie' cake bakery found guilty of discrimination in Northern Ireland