The disastrous reign of David Moyes as Manchester United manager has
cost the club a staggering £50.4 million ($A90.4 million) in lost prize
money and wages paid.
Manchester United's failure to qualify for the Champions
League is expected to cost Manchester United about £35.7 million ($A64m)
in prize money, broadcast revenue, bonuses and gate receipts although
the club said on Thursday it has the financial power to reinforce the
squad following its worst Premier League season.
United, which is listed on the New York Stock Exchange, went
from champions to a seventh-place finish and fired manager Moyes less
than 10 months after he succeeded Alex Ferguson. The slide down the
Premier League ladders cost the club £8.4 million.
Costly reign: David Moyes with Rio
Ferdinand at a Champions League news conference last year. Manchester
United failed to qualify for the competition next season.
Photo: AP
Moyes will receive a pay-off of "single-digit millions"
following his sacking by Manchester United, executive vice-chairman Ed
Woodward revealed. His salary plus compensation is estimated to cost
United £7 million.
Speaking during a conference call to discuss United's latest
financial results, Woodward also told investors that an announcement
about Moyes's successor would be made "in due course".
United are reportedly close to hiring current Netherlands
coach Louis van Gaal as their manager, with British media reports
claiming the 62-year-old Dutchman's appointment could be confirmed next
week.
Former Everton head coach Moyes was sacked in April only 10 months
after signing a six-year contract as the successor to long-serving
Ferguson.
Under interim manager Ryan Giggs, United went on to finish
the Premier League season in seventh place, meaning that they will not
play in European competition next season.
Woodward said that not playing in next season's Champions
League will cost the club "in the mid-£30 million" and described
United's seventh-place finish as "very disappointing".
He also vowed that United would look to make significant
investment during the close-season transfer window in a bid to return to
the upper echelons of the English game in 2014-15.
"The club's expectations -- 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," he
said.
"We will be active in the transfer market and deals will be done."
Woodward added that the precise amount of Moyes's pay-off would be revealed in September.
Despite their on-pitch struggles, United enjoyed a record 26
percent rise in revenue to £115.5 million for the third quarter of the
financial year.
The increased revenue was mainly due to rises in income from Premier League broadcasting money and sponsorship deals.
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