English Premiership

Moyes pay-off 'single digits'

2014-05-15 17:30
David Moyes (AFP)

London - David Moyes will receive a pay-off of "single-digit millions" following his sacking by Manchester United, executive vice-chairman Ed Woodward has revealed on Thursday.

Speaking during a conference call to discuss United's latest financial results, Woodward also told investors that an announcement about Moyes's successor would be made "in due course".

United are reportedly close to hiring current Netherlands coach Louis van Gaal as their manager, with British media reports claiming the 62-year-old Dutchman's appointment could be confirmed next week.

Former Everton head coach Moyes was sacked in April only 10 months after signing a six-year contract as the successor to long-serving former United manager Alex Ferguson.

Under interim manager Ryan Giggs, United went on to finish the Premier League season in seventh place, meaning that they will not play in European competition next season.

Woodward said that not playing in next season's Champions League will cost the club "in the mid-£30 million" and described United's seventh-place finish as "very disappointing".

He also vowed that United would look to make significant investment during the close-season transfer window in a bid to return to the upper echelons of the English game in 2014-15.

"The club's expectations -- and you will see this reflected in the transfer market and what we have recently done from a managerial perspective -- are absolutely to get back into the Champions League," he said.

"We will be active in the transfer market and deals will be done."

Woodward added that the precise amount of Moyes's pay-off would be revealed in September.

Despite their on-pitch struggles, United enjoyed a record 26% rise in revenue to £115.5 million for the third quarter of the financial year.

The increased revenue was mainly due to rises in income from Premier League broadcasting money and sponsorship deals.

NEXT ON SPORT24X

 

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
1 comment
Add your comment
Comment 0 characters remaining
Live Video Streaming
Video Highlights
Sport Talk

Fixtures
04 October 2014
Liverpool v West Bromwich Albion, Anfield 16:00
Leicester City v Burnley, King Power Stadium 16:00
Swansea City v Newcastle United, Liberty Stadium 16:00
Sunderland v Stoke City, Stadium of Light 16:00
Hull City v Crystal Palace, The KC Stadium 16:00
Aston Villa v Manchester City, Villa Park 18:30
05 October 2014
Manchester United v Everton, Old Trafford 13:00
Chelsea v Arsenal, Stamford Bridge 15:05
Tottenham Hotspur v Southampton, White Hart Lane 15:05
West Ham United v Queens Park Rangers, Boleyn Ground 17:15
18 October 2014
Manchester City v Tottenham Hotspur, Etihad Stadium 13:45
Arsenal v Hull City, Emirates Stadium 16:00
Everton v Aston Villa, Goodison Park 16:00
Crystal Palace v Chelsea, Selhurst Park 16:00
Newcastle United v Leicester City, St. James' Park 16:00
Southampton v Sunderland, St. Mary's Stadium 16:00
Burnley v West Ham United, Turf Moor 16:00
Logs
Team P W PTS
Previous Results

Date Home Team Result Away Team
Vote

Who is the best new player in the English Premiership this season?

 
 
Men
Women
Love 2 Meet
Featured

Dave ask if you would like to meet your local sports heroes and stand the chance to win prizes to the value of over R40 000.

Latest blogs
 

Twitter Follow Sport24 on Twitter

Facebook "Like" Sport24's Facebook page

Newsletters Sign up for the Morning Glory, Super 15 and Soccer newsletters

WIN Enter and win with Sport24!

Mobile Sport24 on your mobile phone - WAP, alerts, downloads, services

Forum Have your Say on Sport24's brand new Forum!

BlackBerry Stay in the loop on your BlackBerry

iPhone Latest Sport24 news on your iPhone

RSS Feeds Sport news delivered really simply.

Blogs Yes your opinion counts. Get it out there

 
There are new stories on the homepage. Click here to see them.