Manchester United will continue to invest confirms Ed Woodward

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Football News

Manchester United chief executive Ed Woodward says the club will continue to invest in the squad despite missing out on the Champions League.

The Red Devils had a disaster of a season in the Premier League, finishing at an all-time low of seventh position, and will not compete in either European competitions next season.

Woodward confirmed that Manchester United will have to bear the brunt of a big financial blow for missing out on the Champions League, but says they will continue to spend in the transfer market in order to get them back into the top four.

Speaking to investors, Woodward stated: "Due to the television deals, we estimate our loss of European football will cost us in the mid £30m.

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

Despite falling to record lows in the Premier League, Manchester United still managed to generate record revenues in the third-quarter, meaning the club remain in a healthy position when it comes to competing in the transfer market.

Third-quarter revenues to £115.5million, which represents a 26 per cent increase, while sponsorship revenue also rose 43.5 per cent. Gross debt has also fallen to £351.7m.

"We once again generated record revenues and EBITDA (earnings before interest, taxes, depreciation, and amortisation) as all of our businesses delivered impressive year over year growth," Woodward said.

"This puts us in a healthy financial position to continue to invest in the squad. Everyone at the club is working hard to ensure the team is back challenging for the title and trophies next season."

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