Ed Woodward, Manchester United’s executive vice-chairman, has suggested that United will spend big during the summer after a ‘disappointing’ debut season with manager David Moyes.
The 2013/14 season has been one that is already a write off for both team and fans, with the unlikely-hood of the club getting into the top 4 and an automatic place in next season’s Champions League. Despite the poor form, the club have confirmed a commercial income of £42.3million, which is is 18.8% for the quarter, profits that are without the prospect of new sponsorship and partner deals, this includes the possibility of new shirt deal with Nike.
CEO Ed Woodward was speaking to shareholders following the release of Manchester United’s second-quarter results, admitting that this season has been a disappointment all round.
“We once again achieved a record revenue quarter with strong contributions from our commercial and broadcasting businesses despite the current league position, which everyone from the team manager down has acknowledged is disappointing
“We continue to see meaningful opportunities to grow our commercial business and the popularity of football on TV is leading to continued broadcasting revenue growth – all of which bodes well for the long-term stability and financial strength of our business.”
Manchester United signed Juan Mata during the January transfer window and Woodward expects there to be big signings during the summer. He added:
“The long-term strategy is to build a competitive squad that can challenge for trophies,” said Woodward.
“We have the ability to do that. We can buy players to compete at the top level, which is what we should be doing.
“We are also very pleased to have added a world class player in Juan Mata to our squad, who has already made a positive impact.”
“We’ll move in the market in a way we haven’t seen in recent years
“It’s fair to say we’re focused on strengthening the squad. I’m focused on a long term strategy to make sure we build a competitive squad that is challenging for trophies.
“We’ll invest in the squad as we need to, to make sure we compete at the highest level.”
“We are looking at some players in the squad that perhaps we will sell this summer”
The summer is a massive one for Manchester United, with a number of players coming to the end of their contract and leaving, funds need to be available so that David Moyes can build himself a new team for next season.