It emerged yesterday that David Moyes' ten-month spell in charge of Manchester United cost the club in the region of £47 million.
Missing out on Champions League qualification has resulted in a £35 million loss of revenue. In addition, their seventh-place finish means that they are down £8.4 million in prize money and television revenue. Moyes £3.5 million severance package - described by United as a "single-digit million pounds" payoff - the total losses can be rounded off at almost £50 million.
It's still worth mentioning that the club posted record revenues of £115.5 million in their latest quarterly accounts yesterday, thanks largely to a surge in sponsorship deals and television income.
Ed Woodward told investors that the drop in revenue would not adversely affect United's ability to make new additions to their squad over the summer.
“We finished a very disappointing seventh, which means we will not be playing European football next season,” Woodward said. “Be assured that everyone at the club is working hard to make sure that our performances on the pitch next season will be what we and our fans expect of Manchester United.
“We are now focused on appointing a new manager who will help Manchester United return to the top of English football and challenging in Europe. We expect to make an announcement in due course. In the meantime, we continue to be active in the transfer market.
“Because of the high broadcast revenues in 2014 we expect the isolated impact from not qualifying for European football will be in the mid-30 millions of pounds. This includes a 15 per cent reduction in the price of executive facilities next year.”
“The club’s expectations — and you will see this reflected in the transfer market and what we’ve done recently from a managerial perspective — our aim absolutely is to get back into (the Champions League).”
The club have not made any official mention of Louis van Gaal's impending arrival on a three-year contract, but he is expected to be unveiled next week after his Netherlands side play Ecuador in Amsterdam.
[Times]
