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 24, 2014, 9:22 AM EDT
El Clasico is upon us, and my goodness will it be a doozy between Real Madrid and Barcelona on Saturday at the Bernabeu.
Oct 24, 2014, 8:31 AM EDT
French police had arrested a man for selling drugs, according to the BBC, and that earned the ire of already on-edge Everton supporters.
Oct 24, 2014, 7:44 AM EDT
The European Club Association includes at least one club from every nation in UEFA and includes Manchester United, Chelsea and Barcelona.
Oct 24, 2014, 12:17 AM EDT
Previewing the last weekend of full-tilt MLS competition.
Oct 23, 2014, 11:06 PM EDT
Lille and Nigeria goalkeeper Vincent Enyeama thinks it would be dangerous to hold the Africa Cup of Nations with the Ebola outbreak.
Oct 23, 2014, 10:22 PM EDT
Brazil’s national football team has a new code of conduct under manager Dunga.
Oct 23, 2014, 8:57 PM EDT
Wonderful touch and power utilized on a first-class goal from Tottenham Hotspur midfielder Erik Lamela.
Oct 23, 2014, 8:20 PM EDT
Harry Kane notched a hat trick in Tottenham’s Europa League victory over Asteras Tripoli, and he then found himself manning the goal as a netminder following a Hugo Lloris red card.
Oct 23, 2014, 6:55 PM EDT
Lille and Everton played to a 0-0 draw at Stade Pierre-Mauroy in Europa League group stage competition.
Oct 23, 2014, 5:43 PM EDT
Manchester City’s Frank Lampard could be fit to play against West Ham in Premier League competition on Saturday.
Cristiano Ronaldo on El Clasico: ‘I won’t be playing against Messi. I’ll be playing against Barcelona.’
Oct 23, 2014, 4:53 PM EDT
“I won’t be playing against Messi — I’ll be playing against Barcelona,” says Ronaldo, concerning his duel with Barcelona’s Lionel Messi.
Oct 23, 2014, 3:45 PM EDT
Liverpool manager Brendan Rodgers likes what Mario Balotelli has to offer, but he’s unsure if the forward will last a while at Anfield.
Oct 23, 2014, 3:15 PM EDT
Will the Blues lose their first game of the season away at Old Trafford on Sunday? JPW and Prindi analyze that and more.
Oct 23, 2014, 2:30 PM EDT
Little Eddie won’t have a say in who he supports, but it’s all for a good cause.
Oct 23, 2014, 1:44 PM EDT
Free agent Valdes arrives to “train with the first team” at United.
Oct 23, 2014, 1:12 PM EDT
Gulati: “Jurgen is our coach and technical director, and I fully expect that to be the case through to the 2018 World Cup.”
Oct 23, 2014, 11:45 AM EDT
With Costa struggling to make the bench, plus Remy out, Chelsea are running out of strikers.
Oct 23, 2014, 11:04 AM EDT
Howard: “I know what he likes to do, but that doesn’t mean I will always be capable of stopping him.”
Oct 23, 2014, 10:22 AM EDT
Atlanta Falcons owner urges Beckham to link up with Miami Dolphins to sort out MLS stadium mess.
Oct 23, 2014, 9:36 AM EDT
A gang of 100 local men reportedly ambushed Everton fans outside city center pub.
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