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.
Jan 28, 2015, 7:03 PM EST
Maybe Sunderland just doesn’t know how to use its forwards.
Jan 28, 2015, 6:54 PM EST
It was sloppy at times, with the States very much getting used to the 3-5-2 and both sides using a bevy of second-choice players.
Jan 28, 2015, 6:48 PM EST
Brek Shea’s first USMNT goal in a year and a half was a pretty nice finish.
Jan 28, 2015, 5:45 PM EST
Arda Turan was fouled, losing his shoe in the process. Since the linesman didn’t deem the offense worthy of a foul, Turan had one recourse.
Jan 28, 2015, 5:00 PM EST
Real Salt Lake’s Nick Rimando is between the sticks for the States, and Jermaine Jones continues his time as a center back.
Jan 28, 2015, 4:52 PM EST
After a thriller at Bramall Lane, Chelsea and Spurs will duke it out on March 1 in their shared home city for the League Cup.
Jan 28, 2015, 3:57 PM EST
The lots will be drawn at 10am ET on Thursday. Winner gets Ghana on Feb. 1.
Jan 28, 2015, 3:01 PM EST
Huge trade now makes sense as Kljestan arrives in MLS.
Jan 28, 2015, 2:39 PM EST
With less than a week left in the window, here’s the latest gossip…
Jan 28, 2015, 2:00 PM EST
Toronto native Hoilett chats to PST about MLS, being involved in a Premier League relegation battle and much more in this one-on-one.
Jan 28, 2015, 1:10 PM EST
Wenger get’s his man as Arsenal’s new center back has finally arrived.
Jan 28, 2015, 12:28 PM EST
Costa could miss Chelsea’s massive clash against Man City on Saturday. All the details, here.
Jan 28, 2015, 11:47 AM EST
Chelsea’s injury problems are piling up ahead of their huge tilt against City this Saturday.
Jan 28, 2015, 10:36 AM EST
After seeing red, Ronaldo will now miss Real’s next two games after ban for violent conduct.
Jan 28, 2015, 10:10 AM EST
Is Figo the man to take charge of world’s soccer’s governing body?
Jan 28, 2015, 9:25 AM EST
Super Bowl week brings out two NFL players for the latest podcast.
Jan 28, 2015, 9:01 AM EST
Michael Oliver, it’s over to you…
Jan 28, 2015, 7:55 AM EST
Bale tells Spanish radio station that he’s hanging around in the Spanish capital for some time to come.
Jan 27, 2015, 11:01 PM EST
Already it feels like Montreal has a major chance to be the winner in this deal, and that’s before they do anything with the allocation money.
Jan 27, 2015, 10:05 PM EST
It certainly wasn’t the wildest of days for the transfer rumor mill, but Manchester United, Southampton and Crystal Palace all said hello.
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