Premier League: Manchester United report record annual revenue and cost of David Moyes' compensation
Last Updated: 10/09/14 8:57pm
Manchester United have revealed record annual revenue of over £430m although profits are down by 84 per cent.
The club's financial figures for the year 2013/2014 showed a record annual revenue of £433.2m but profits plunged from £146m to £23.8m.
United also expect revenue to drop by more than £40m as a result of failing to qualify for European football for the first time since 1990 Champions League after they finished a disappointing seventh last season.
The man who oversaw their fall from the top of English football, David Moyes, was sacked in April - just 10 months into his tenure - and the financial figures reveal the club paid £5.2m to the Scot and members of his coaching team in compensation.
United are hoping for a renaissance under new manager Louis van Gaal but have started the current campaign poorly, taking just two points from their opening three Premier League games and crashing out of the Capital One Cup with a humiliating 4-0 defeat at MK Dons.
United's executive vice-chairman Ed Woodward remains proud of the business side of the past 12 months and is in a positive frame of mind regarding the club's future.
He said: "We are very proud of the results achieved in fiscal year 2014 as we once again generated record revenues.
"With Louis van Gaal at the helm as manager, and the recent signing of some of the world's leading players to further strengthen our squad, we are very excited about the future and believe it's the start of a new chapter in the club's history.
"Louis' footballing philosophy fits very well with Manchester United and he has an impressive track record of success throughout his career, winning league titles with every club he has managed."
In a conference call with United investors on Wednesday morning, Woodward revealed the club's financial forecast for this season was based on Van Gaal's side achieving a top-three finish in the Premier League.
Woodward also highlighted the growing market for football in the US and revealed this is an area where United see enormous growth potential and said the club plans to focus on expanding its commercial interests there in the coming years.