Vice-Executive Chairman Ed Woodward has released a statement after Manchester United announced a record revenue of £627.1m for the fourth quarter in their latest financial results.
“We remain focused on our plan of rebuilding the team and continuing to strengthen our youth system, in line with the philosophy of the club and the manager,” said Woodward.
“This is reflected in the recent addition of three exciting first team players, key player contract extensions and the talent we have coming through our Academy.
“Everyone at Manchester United is committed to delivering on our primary objective of winning trophies.”
Commercially and financially, United are an incomparable giant and a powerhouse in world football.
Ed Woodward is clearly doing part of his job well in achieving huge revenues to keep the Glazers happy.
But what fans care about is what is happening on the field which has a been disastrous for seven seasons now.
As Woodward points out in his statement, three promising talents were brought in during the summer transfer window, but it just wasn’t enough.
The Reds are so far behind title chasers Liverpool and Manchester City in terms of their squad quality, and a far higher net spend was needed to address key issues in the squad including in midfield and upfront.
As explained by BBC journalist Simon Stone, however, there are some financial repercussions for on-the-pitch failure as the expected revenue will drop with no Champions League football.
Based on recent performances, it seems unlikely the Reds have what it takes to get into the top four this season, and will have to prioritise the Europa League as the best route back into Europe’s elite competition.
Expected revenue for 2020 is between £560m and £580m, drop of £47m to £67m, direct impact of @ManUtd not qualifying for Champions League.
— Simon Stone (@sistoney67) September 24, 2019