Manchester United’s absence from the European Champions League next season will cost the club £30m, according to its executive vice chairman Ed Woodward.
The 2012/13 Premier League winners announced a quarterly revenue for the months January-March in figure of £115.5m, up by 26%. The third quarter (Q3) results indicate debt is down 4.3% to £351.7m.
The Manchester ‘Reds’ failed to retain the league title it won in retired manager Sir Alex Ferguson’s final season, as the Scot’s ‘chosen’ successor David Moyes oversaw a “disappointing” campaign and then got the boots ten months after taken on the job.
“Everyone at the Club is working hard to ensure the team is back challenging for the title and trophies next season,” said Woodward.
United finished in an unheralded seventh position, meaning there will be no European football for the English football powerhouse in the coming season.
The club CEO though admits the absence is tantamount to a revenue loss, but insists it will not affect their transfer business.
“Due to television deals, we estimate our loss of European football will cost us around £30m,” said Woodward via a telephone conference.
“The club’s expectations are to absolutely get back into the Champions League and you’ll see it in the transfer market.”
Woodward however gave no clues about when Moyes’ successor will be named.
Reports in UK news tabloids says United and the Netherlands national team manager, Louis van Gaal, have agreed terms over the former Ajax, Barcelona and Bayern Munich boss to take over the Old Trafford reins, after the club chief and interim boss Ryan Giggs met the 62-year-old at Hollands pre-World Cup training camp on Wednesday.
“We made managerial change in April. We are very grateful to Ryan Giggs for holding the reins during the period and the exemplary manner he conducted the role. We are now focused on bringing in a manager and expect an announcement in due course,” he added.
United are believed to have postponed announcement to confirm Van Gaal’s appointment to respect preparations for the Dutch team’s World Cup warm-up against Ecuador on Saturday.
Giggs, 40, is thought to have been offered a role in the senior squad under Van Gaal and could yet combine a coaching role with more years as a player.