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.
Sep 15, 2014, 11:48 PM EDT
It was a week so fertile for goals that one of the world’s biggest names couldn’t dent the strike force of the PL team of the week.
Sep 15, 2014, 11:01 PM EDT
No one’s doing it quite like this man right now, who again takes hold of player of the week honors in the Premier League.
Sep 15, 2014, 10:37 PM EDT
There are five goals here, but it only took four matches to comprise the list.
Sep 15, 2014, 10:15 PM EDT
Costa Rica won the tournament for the eighth time, defeating Guatemala in the final.
Sep 15, 2014, 8:34 PM EDT
Newcastle United players and their manager have come under fire from ex-Liverpool back Jamie Carragher, who blasted the club on “Monday Night Football”
Sep 15, 2014, 7:45 PM EDT
The Sounders have three titles and won their first win Le Toux. Soccerly hosts an essay on his quest to deny them a fourth.
Sep 15, 2014, 6:55 PM EDT
The English FA asked FIFA to extend Anelka’s quenelle suspension beyond Britain’s borders.
Sep 15, 2014, 5:54 PM EDT
Oktoberfest begins Sept. 20, and 1860 Munich is going all-in when it comes to their away attire.
Sep 15, 2014, 4:53 PM EDT
Abel Hernandez, Enner Valencia, Mohamed Diame and Diafra Sakho all made their presences felt on NBCSN at the KC Stadium on Monday.
Sep 15, 2014, 4:34 PM EDT
Certainly one of the goals of the early season, as West Ham continues to tempt the highlight reels despite a tough start to the season.
Sep 15, 2014, 4:15 PM EDT
Brek Shea had a loan debut to remember, while Julian Green had one to forget and both Tim Howard and Brad Guzan kept clean sheets.
Sep 15, 2014, 3:49 PM EDT
Abel Hernandez has a goal and had another creation ruled offsides as the hosts rose to steal the first half with late heroics.
Sep 15, 2014, 3:20 PM EDT
Schedules, chances of making the last 16, predictions. Your one-stop shop for all the info as the UCL group stages begins for four PL teams.
Sep 15, 2014, 2:30 PM EDT
Record-signing Abel Hernandez (Palermo) makes his Hull City debut as the Tigers look to pick up their second win of the season.
Sep 15, 2014, 2:19 PM EDT
Ferdinand: “It killed me. Inside I wanted to scream and grab him.”
Sep 15, 2014, 1:32 PM EDT
All four Spanish teams are looking odds on to make it out of the group stage. What about the big clubs from England and Germany?
Sep 15, 2014, 12:41 PM EDT
All the news and quotes ahead of the Monday afternoon matchup.
Sep 15, 2014, 11:50 AM EDT
PST’s lead writer and editor takes an alternative look at all the action from Week 4.
Sep 15, 2014, 10:34 AM EDT
Calderon claims that Ronaldo is frustrated with life at Real after several high-profile exits.
Sep 15, 2014, 9:59 AM EDT
Beckham: “What unites us is much greater than what divides us. Let’s stay together.”
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