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.
Mar 29, 2015, 8:13 AM EDT
An agreement has reportedly been reached between the current American owner and a domestic ownership group.
Mar 29, 2015, 7:34 AM EDT
Gareth Bale knows what people are saying about his recent play at Real Madrid, but he’s not listening.
Mar 28, 2015, 11:30 PM EDT
Catch up on all the action from Week 4 of the MLS season.
Mar 28, 2015, 10:41 PM EDT
A disappointing result for FCD, given Seattle’s lack of Dempsey and Martins, but a great one considering their early red card.
Mar 28, 2015, 10:06 PM EDT
Three more points for Vancouver, who win it late on Robert Earnshaw’s Whitecaps debut. He scores for everyone.
Mar 28, 2015, 9:15 PM EDT
It was the late, late, late show at RFK Stadium, and despite being thoroughly outplayed, D.C. United go home with three points.
Mar 28, 2015, 9:04 PM EDT
Sporting KC get their first victory of the season, while NYCFC suffer their first defeat of the year — and history.
Mar 28, 2015, 6:30 PM EDT
It wasn’t a great day to be a traditional European giant, but it was a great day to be Gareth Bale and Wales.
Mar 28, 2015, 5:00 PM EDT
A dominant performance — and the three points to match — from the Revs…finally.
Mar 28, 2015, 4:30 PM EDT
Think that MLS playing through int’l windows isn’t a big deal? Let’s ask Orlando City what they think about it.
Mar 28, 2015, 2:50 PM EDT
Campbell was capped 73 times, and is England’s second-youngest captain. Clearly he knows that, too.
Mar 28, 2015, 1:39 PM EDT
The Canaries finished in 7th place last season in the Veikkausliiga, Finland’s top-flight.
Mar 28, 2015, 12:54 PM EDT
Should the States’ losses in friendlies represent anything other than a concern at the lack of US youth readiness for the big stage?
Mar 28, 2015, 12:08 PM EDT
This likely comes as a surprise to Liverpool fans, as Johnson is widely treated rightly or wrongly as a scapegoat by Reds supporters.
Mar 28, 2015, 10:37 AM EDT
Does the embattled USMNT coach have a point? I’m again bracing for the comment section when I say… I think so.
Mar 28, 2015, 7:55 AM EDT
The States are 1-4 in their last five matches, all four coming on the road (Colombia, Ireland, Chile and Denmark).
Mar 27, 2015, 11:35 PM EDT
Roundup of Euro 2016 qualifying matches from Saturday.
- Report: Aston Villa owner Randy Lerner set to sell team to UK group 0
- MLS roundup: Whitecaps, D.C. United win late ones; FCD, Sounders in disappointing draw 1
- MLS Snapshot: FC Dallas 0-0 Seattle Sounders 0
- MLS Snapshot: Vancouver Whitecaps 2-1 Portland Timbers 1
- MLS Snapshot: D.C. United 1-0 LA Galaxy 1
- MLS Snapshot: New York City FC 0-1 Sporting Kansas City 4