Champions League absence cost is ‘mid-£30m’
MANCHESTER UNITED’S pay-off for David Moyes will be “singledigit millions” it has emerged, as club chiefs promised major investments on new transfers to ensure a return to the Champions League.
United executive vice-chairman Ed Woodward also said an announcement on a new manager would be made “in due course” – it is understood the expected appointment of Dutch coach Louis van Gaal will not take place before next week.
Woodward said in a conference call to club investors that the cost to United of not playing in the Champions League next season would be “in the mid-£30m” and that there was a determination to return to Europe’s top club competition.
Woodward said finishing seventh in the Premier League had been “very disappointing” and suggested missing out on Europe had led to the sacking of Moyes last month.
He said: “The club’s expecta- tions – and you will see this reflected in the transfer market and what we have recently done from a managerial perspective – are absolutely to get back into the Champions League. We will be active in the transfer market and deals will be done.”
In relation to the pay-off to Moyes and his backroom staff who also left the club, investors were told the figure would be revealed in September and it was expected “to be single-digit million pounds”.
Woodward said record revenues for the third quarter of the financial year put United in a good position to invest in the squad and challenge for the title next season.
United reported revenues of £115.5m for the quarter, up 26 per cent, mainly due to rises in income from Premier League broadcasting money and sponsorship deals.
“We once again generated record revenue,” added Woodward.
“This puts us in a healthy financial position to continue to invest in the squad. Everyone at the club is working hard to ensure the team is back challenging for the title and trophies next season.”
The players’ wage bill was also up, however, by 18.9 per cent, reflecting the arrivals of Juan Mata and Marouane Fellaini plus new deals for Nani and Adnan Januzaj. Sponsorship rose 43.5 per cent while United’s overall debt is down 4.3 per cent at £351.7m.