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.
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