Woodward: No European soccer will cost Man Utd 37 million euros

The club's executive vice chairman says the club will lose money but has vowed to spend in order to return the Old Trafford outfit to the Champions League.
Manchester United executive vice chairman Ed Woodward says the club expects to lose more than 37 million euros in revenue in the 2014-15 season after failing to qualify for the Champions League.

United finished seventh in the first season after Sir Alex Ferguson's retirement, with David Moyes fired during the campaign for failing to deliver a top-four finish.

Speaking in a telephone conference, Woodward said: "Due to the television deals, we estimate our loss of European football will cost us in the mid-37 million euros.

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

Woodward also thanked Ryan Giggs, who stepped in to become a player-manager following Moyes' departure, but expects an announcement on the club's new boss "in due course."

That manager is set to be Louis van Gaal, with the Netherlands coach reportedly having agreed to take over, though United delayed unveiling the 62-year-old Thursday.

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

Meanwhile, United has posted revenues of 141 million euros for the quarter – up 26 percent – while sponsorship income rose and the club's overall debt fell. Broadcasting revenue also increased, to 43.5 million euros, a rise of 17 million euros.