May 15, 2014, 11:12 AM EDT
For a brand that prides itself on being “global,” Manchester United will be hit hard by their failure to play in any European tournament next year.
On a conference call to summarize the club’s end of season financial report, Manchester United chief executive Ed Woodward confirmed missing out on the Champions League could seriously cost the team.
Woodward (pictured, center) said he expects the failure to qualify for European play to cost the club upwards of $50 million, and with the club already in serious debt, that could hurt their spending power this summer.
“We estimate that the isolated impact…of not qualifying for European football will be in the mid-30 millions of pounds,” Woodward confirmed. “This includes a 15% reduction in the price of executive facilities next year.”
The club’s heavy debt has been widely publicized the past few years, with the club owners, the Glazer family, coming under heavy fire for taking on so much commitment. However, Woodward did announce that the club’s debt was cut 4.6% this year, bringing it down to $589 million.
The rest of the news wasn’t so good. He mentioned a “single-digit million pounds” payoff to David Moyes as part of his release, and also mentioned that while third quarter revenue was up 26% to $119 million, new player signings and managerial shifts caused staff costs to increase by 19%.
Other highlights from the call include Woodward calling this season “disappointing,” that they hope to make an announcement on the new manager “in due course,” and that they will be “active in the transfer market.” Seems that Woodward has been conditioned well in the art of coach-speak.
Finally, Woodward insisted, “The club’s expectations, and you will see this reflected in the transfer market, and what we’ve recently done from a managerial perspective, our aim absolutely is to get back into the Champions League.”
Coming from an executive, it’s no surprise they’d like to get back given the bleak financial outlook.
Oct 22, 2014, 5:40 PM EDT
Here’s the bar, Week 33 of Major League Soccer: Please feel free to raise it.
Oct 22, 2014, 4:47 PM EDT
We are at the halfway point in Groups A-D, and some English clubs are concerned about their fortunes to be sure.
Oct 22, 2014, 4:41 PM EDT
It was a night to forget for the home side, as Real ruled at Anfield. Here’s what we learned.
Oct 22, 2014, 4:36 PM EDT
The 21-year-old Honduran international did what a dangerous Alexis Sanchez couldn’t, but Arsenal was rescued late.
Oct 22, 2014, 4:34 PM EDT
Ronaldo, Benzema and co. put on a clinic at Anfield, as Liverpool are taught a lesson.
Oct 22, 2014, 2:54 PM EDT
The CAF claimed Platini said something he didn’t, and it hurt his feelings.
Oct 22, 2014, 2:14 PM EDT
Here’s what it’s like at Anfield, as Liverpool host Real Madrid in the UEFA Champions League.
Oct 22, 2014, 1:58 PM EDT
With yesterday’s goal frenzy, will today give us the same excitement?
Oct 22, 2014, 1:34 PM EDT
This is the second time Robinho is under investigation for such an alleged incident.
Oct 22, 2014, 12:17 PM EDT
NYCFC’s first Designated Player will be returning to the United States to fulfill commercial and marketing obligations, and it’s unclear whether he will make his way back to Australia to finish out his loan.
Oct 22, 2014, 11:36 AM EDT
Now that he’s back from a hernia problem, the American told Stoke’s YouTube channel that he is no longer a right-back and the club is aware of where he wants to play.
Oct 22, 2014, 10:51 AM EDT
Rog and Davo gain whiplash from QPR-Liverpool, and the Jurgen Klinsmann-Don Garber saga.
Oct 22, 2014, 10:28 AM EDT
After 10 years with the club, Gourlay has stepped down.
Oct 22, 2014, 9:20 AM EDT
The MLS side was eliminated from group stage play on an away goals tiebreaker as Honduran side Olimpia goes through.
Oct 22, 2014, 8:42 AM EDT
Norwich striker Cameron Jerome complained to Mark Clattenburg that a Leeds player was racially abusing him, and the matter is being investigated.
Oct 22, 2014, 7:46 AM EDT
Arsenal’s energetic German winger loves the club, but admitted he can’t sit on the bench forever.
Oct 21, 2014, 11:10 PM EDT
“On behalf of the club, I would like to apologise to the QPR supporters for the embarrassment this has caused,” Fernandes wrote.
Oct 21, 2014, 10:15 PM EDT
Who scored the best goal in Tuesday’s Champions League action?
Oct 21, 2014, 9:00 PM EDT
Oct 21, 2014, 8:15 PM EDT
One hopes Agudelo’s story will resonate with Jurgen Klinsmann.
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