May 15, 2014, 11:12 AM EST
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.
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Dec 20, 2014, 4:33 PM EST
Four trophies in one calendar year — it’s a good time to be Real Madrid.
Dec 20, 2014, 3:42 PM EST
After collapsing on the field in a game back in July 2013, Engelbrecht had undergone four heart surgeries to get back on the pitch.
Dec 20, 2014, 3:16 PM EST
Things are going to be extra intense all Sunday morning, so put on a pot of coffee and enjoy the rush.
Dec 20, 2014, 2:25 PM EST
Pep Guardiola’s side carries a gaudy plus-37 goal differential, is 9-0 at home and has five wins and three draws on the road.
Dec 20, 2014, 2:15 PM EST
Martinez can’t put his finger on Everton’s struggles, but does think his side must defend better.
Dec 20, 2014, 1:40 PM EST
Mumbai was the home of the title match, with Atletico de Kolkata knocking off the Kerala Blasters 1-0.
Dec 20, 2014, 1:33 PM EST
Seven games took place in the PL on Saturday. Here’s videos, analysis, recaps and more.
Dec 20, 2014, 12:45 PM EST
Benteke dances for space before lashing a curler into the goal to give Villa a 1-0 lead. It’s one of those “Why we watch” goals.
Dec 20, 2014, 12:40 PM EST
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Dec 20, 2014, 12:34 PM EST
Watch Lamela scored a stunning strike to give Spurs another win.
Dec 20, 2014, 12:25 PM EST
United captain Wayne Rooney wasn’t interested in discussing his club’s failure to keep up with Manchester City.
Dec 20, 2014, 12:13 PM EST
Spurs seal third-straight win in all competitions to move up to sixth.
Dec 20, 2014, 12:05 PM EST
The Foxes are six points back of safety and share the worst goal differential in England’s top flight (minus-14).
Dec 20, 2014, 12:03 PM EST
Incredible comeback from 2-0 down seals yet another home win for QPR.
Dec 20, 2014, 11:58 AM EST
The loss keeps Hull three points from safety.
Dec 20, 2014, 11:55 AM EST
Saints smash three past sorry Everton,
Aston Villa 1-1 Manchester United: Falcao header equals Benteke’s stunner, 10-man Villans hang on for point
Dec 20, 2014, 11:52 AM EST
United loses ground to No. 2 Manchester City, which trounced Crystal Palace, while Villa grabs its 20th point of the season.
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