United to lose out on £30m

London - Failure to qualify for European competition next season will cost English soccer club Manchester United more than £30 million, executive vice-chairman Ed Woodward has said on Thursday.

Woodward said the club would make an announcement "in due course" on the team's new manager, after the dismissal of David Moyes before the end of his first season, and remains active in the player transfer market.

Speaking to financial analysts, Woodward also said United remained in discussion with a number of groups about a new kit supply deal for when Nike's contract expires next year.