adminLONDON. — Manchester United’s absence from the Champions League next season will cost the club £30m, revealed the club’s executive vice chairman Ed Woodward.However, Woodward insisted it would not affect United’s transfer business.
“Due to the television deals, we estimate our loss of European football will cost us in the mid £30m. The club’s expectations are to absolutely get back into the Champions League and you’ll see it in the transfer market.”
Speaking in a telephone conference he added: ‘In the 2013-14 season, we finished a very disappointing seventh which means we will not play European football season.
“Be assured everyone at the club is working to ensure next season is to the top standards of Manchester United. We made a managerial change in April, we are very grateful to Ryan Giggs for holding the reins during the period and the exemplary manner he conducted the role.
“We are now focused on bringing in a manager and expect an announcement in due course.” United announced January-March revenues of £115.5m, up 26 per cent. The third quarter results show debt is down 4.3 per cent to £351.7m.
Woodward said: ‘Everyone at the club is working hard to ensure the team is back challenging for the title and trophies next season.’
The vice-chairman was also asked about David Moyes’ compensation package, revealing that it was in the ‘single digit millions’.
United have reported record revenues for the third quarter of the financial year which club chiefs say puts them in a good position to invest in the squad and challenge for the title next season. — Mailonline/AFP.
Online Reporter