UNITED PROFITS TAKE A BIG HIT Woodward rules out transfer spree as club feel the pinch
MANCHESTER United will take a ‘planned, disciplined approach’ to summer transfer spending — according to Ed Woodward.
The club’s executive vice-chairman effectively ruled out a transfer spree on a day when the financial impact of missing out on the Champions League was laid bare.
United released their second quarter figures, with overall revenue down by nearly 12 per cent in the six months to December. They are set to bring in £560-£580million this year, compared with last year’s record £627.1m, largely due to failing to qualify for Europe’s elite competition this season.
Although there is money to spend, Woodward suggested that there will not be a revolving door this summer as manager Ole Gunnar Solskjaer, for whom he reiterated his backing, continues his rebuild at the underperforming club.
United are fifth in the Premier League and, despite being 38 points behind leaders Liverpool, Woodward sounded upbeat.
‘We are pushing for a strong finish in the Premier League, the Europa League and FA Cup as we enter the final third of the season.’
Speaking to investors, Woodward said United’s main priority is ‘winning trophies with a team playing entertaining, attacking football’.
He added that this season is one of rebuild, with manyy changes to the squad — anddjokthat
jokingly pointed out that the club had been en linked with ‘111 players’ ye in the previous transfer window.
‘Our acquisition of just one of them — Bruno Fernandes — is an important step in that direction,’ he said. ‘We will take the e same planned, disciplined cithis approach this summer.’
Woodward was later asked about Manchester City’s Champions League ban. ‘I am not going to comment on City,’ he said. ‘I go to a lot of UEFA meetings and I see a strong commitment to ensure that Financial Fair Play continues to deliver the benefits it clearly has.’
Group managing director Richard Arnold also hailed the club’s impact on social media and pointed out that the signing of Odion Ighalo caused more interest on Twitter than Brexit day and the Donald Trump impeachment.
United’s debt, a legacy of the Glazer family’s takeover, stands at £391.3m, up £73.6m over the year. The club say that is ‘primarily due to an overall decrease in cash and cash equivalents’.