Manchester United has money to strengthen squad despite losing millions
MAY 15, 2014 10:05a ET
MANCHESTER, England (AP) Failure to qualify for the Champions League is expected to cost Manchester United about $60 million, although the club said 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 David Moyes less than 10 months after he succeeded Alex Ferguson.
"We are now focused on bringing in a new manager who will help Manchester United return to the top of English football and challenging in Europe," United vice chairman Ed Woodward said.
The new manager is expected to be Louis van Gaal, whose contract as Netherlands coach expires after the World Cup. He would be arriving at a club not playing in the Champions League for the first time since the 1995-96 season, a failure Woodward told analysts will cost the club in the "mid-30 million pounds."
Woodward says the club remains an ''impressive'' business operation. Revenue rose by 26 percent to $193 million in the first three months of 2014 as United reached the Champions League quarterfinals and benefited from further sponsorship deals.
Woodward says the team is in a ''healthy financial position to continue to invest in the squad.''