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United dismiss £50m Moyes loss

ESPN staff
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Manchester United are pushing on with several big-money signings as they bid to to return to the Champions League next season, the club's executive vice-chairman Ed Woodward has promised.

The club have moved quickly in their attempts to kick off their summer spending with a £25 million deal for Southampton left-back Luke Shaw close, according to reports.

The failure of the David Moyes reign will cost United an estimated £50 million in compensation payouts and lost television income, performances payments and gate receipts, with the failure to secure a top-four finish alone meaning they miss out on around £35m in revenue.

But Woodward is adamant that transfer business won't be affected by the Moyes era after announcing record revenues over the third quarter of the financial year.

Ed Woodward says Manchester United will make an announcement over their new manager "in due course" © Getty Images
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"Due to the television deals, we estimate our loss of European football will cost us in the mid-£30 millions," Woodward told a conference call with New York Stock Exchange analysts.

"The club's expectations are to absolutely get back into the Champions League and you'll see it in the transfer market.

"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.

"Everyone at the club is working hard to ensure the team is back challenging for the title and trophies next season."

Woodward announced revenues were up by 26 percent to £115.5m between January and March, while third quarter results show debt is down 4.3 percent to £351.7m.

He also insisted an announcement on a new manager, with Louis van Gaal expected to take over as David Moyes' permanent successor next week, will be made "in due course".

Ryan Giggs, who filled in as interim manager for United's final four games of the season, has been offered the job as assistant manager after having talks with Van Gaal on Wednesday, a source told ESPN.

"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," Woodward added.

"We are now focused on bringing in a manager and expect an announcement in due course."

Asked about Moyes' compensation package, the United vice-chairman revealed that it was in the "single digit millions".

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