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.
May 28, 2015, 10:05 AM EDT
UEFA’s chief pleads with Blatter to walk away as world soccer’s governing body is in ruins.
May 28, 2015, 9:31 AM EDT
PHOTOS & VIDEO: Women’s players are available in the FIFA video game series for the first time.
May 28, 2015, 9:00 AM EDT
Former Valencia, Liverpool boss has called time in Naples as his hometown is calling.
May 28, 2015, 7:51 AM EDT
The Russian president finds it “odd” that the FBI is chasing down FIFA officials…
May 28, 2015, 12:53 AM EDT
Juninho’s early PK is all the Galaxy need, as they climb to 4th in the Western Conference. RSL, meanwhile, are on the outside looking in.
May 28, 2015, 12:43 AM EDT
17 MLS teams will entire this year’s US Open Cup in the 4th round. On Wednesday, they learned who they’ll face.
May 28, 2015, 12:30 AM EDT
Wins in May don’t get much more “must-win” than this one. PDX tops the East’s top team.
May 27, 2015, 8:15 PM EDT
According to his agent, Balotelli is going nowhere this summer. He’ll stay and fight for his place next season.
May 27, 2015, 6:15 PM EDT
11 current and former officials from around the world have been provisionally banned from all football-related activities.
May 27, 2015, 5:23 PM EDT
Rog and Davo relive the Premier League’s season finale, including squeaky bum time at the bottom of the table.
May 27, 2015, 4:42 PM EDT
It was a thrilling Europa League final. Sevilla are back-to-back Europa League champions, and into next year’s Champions League.
May 27, 2015, 4:32 PM EDT
Sergio Aguero was the Premier League’s top goalscorer this season, but was he the best attacker in the league? He has plenty of competition.
May 27, 2015, 3:23 PM EDT
After leading the Black Cats to Premier League safety, “The Little General” has announced he won’t return to the Stadium of Light next season.
May 27, 2015, 3:00 PM EDT
Goal scorers, goal creators, ball winners, possession destroyers — the list of top-10 midfielders has a little bit of everything.
May 27, 2015, 2:43 PM EDT
“Today’s events are a disaster for FIFA and tarnish the image of football as a whole. “
May 27, 2015, 2:17 PM EDT
The most controversial figure in world soccer has broken his silence.
May 27, 2015, 2:08 PM EDT
If Aston Villa wants any shot at beating Arsenal in the FA Cup final this Saturday, Christian Benteke must come up big.
May 27, 2015, 1:06 PM EDT
“This really is the World Cup of fraud, and today we are issuing FIFA a red card.”
May 27, 2015, 12:00 PM EDT
With the Hoops heading down to the Championship, Queens Park Rangers will have a completely new look next season.
May 27, 2015, 11:10 AM EDT
They say defense wins championships, so expect to see quite a bit of Chelsea blue on this list.
- Sepp Blatter refuses to quit as FIFA president despite plea from UEFA’s Michel Platini 1
- Russia, Vladimir Putin criticize US government for “illegal persecution” of FIFA 11
- FIFA ethics committee bans 11 current, former officials from all football-related activities 5
- UEFA calls for postponement of FIFA presidential election, threatens to boycott congress 5
- FIFA president Sepp Blatter releases first statement since overnight arrests 11
- Three things we learned from the US Department of Justice news conference on the FIFA investigation 6