English Premiership

United to spend big this summer

2015-05-15 08:50
Manchester United (AFP)

London - English Premier League soccer club Manchester United have hinted at another spending spree this summer after promising to have a squad capable of competing with the best teams in Europe next season.

Led by new coach Louis van Gaal, the 20-times champions spent around £150 million last year after slumping to a shock seventh place in 2013/14 when they failed to qualify for the lucrative European Champions League for the first time in 19 years.

Fourth in the Premier League with only two games to go, United have effectively secured a return to the elite European competition, boosting fans' spirits and the club's finances.

Executive Vice Chairman Ed Woodward said United were pleased with Van Gaal's performance but that the club would strengthen the squad to challenge for trophies next season.

"We expect to be active again during the (transfer) window," Woodward said, having already agreed to sign Dutch forward Memphis Depay from PSV Eindhoven for around 30 million.

"The squad will be absolutely deep enough and ready to challenge on all fronts next year."

Owned for the past decade by the American Glazer family, United reported a 17.7 percent fall in third-quarter revenue to £95 million, a third straight quarterly decline because of the absence of Champions League money.

Matchday and broadcast revenue both fell in the quarter but the global push to sign deals in areas from sponsorship to mobile content continued to bear fruit, with commercial revenue up 11.7 percent.

That commercial expansion - central to the Glazers' ambitions of cashing in on the club's 659 million global followers - and cost savings allowed United to raise their 2015 core earnings guidance range to £103-110 million.

While down from £130 million a year ago the range was ahead of previous guidance of £90-95 million.

Gross debt rose 12.4 percent to £395.4 million, primarily because of exchange rate movements, United said.

The club's finances will also be bolstered by a world record £750 million kit deal with German sportwear group Adidas from next season. Adidas has supplanted rival Nike in a 10-year agreement.

Shares in the club, down 7.2 percent on a year ago, were unchanged at closed at $15.57 in early trade, valuing the business at $2.55 billion. 

NEXT ON SPORT24X

What To Read Next

 

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
0 comments
Comments have been closed for this article.
Live Video Streaming
Video Highlights
Sport Talk

Fixtures
Tuesday, 12 December 2017
Burnley v Stoke City, Turf Moor 21:45
Crystal Palace v Watford, Selhurst Park 22:00
Huddersfield Town v Chelsea, The John Smith's Stadium 22:00
Wednesday, 13 December 2017
Swansea City v Manchester City, Liberty Stadium 21:45
Newcastle United v Everton, St. James' Park 21:45
Southampton v Leicester City, St. Mary's Stadium 21:45
Liverpool v West Bromwich Albion, Anfield 22:00
West Ham United v Arsenal, London Stadium 22:00
Manchester United v AFC Bournemouth, Old Trafford 22:00
Tottenham Hotspur v Brighton & Hove Albion, Wembley Stadium 22:00
Saturday, 16 December 2017
Leicester City v Crystal Palace, King Power Stadium 14:30
Stoke City v West Ham United, Bet365 Stadium 17:00
Arsenal v Newcastle United, Emirates Stadium 17:00
Chelsea v Southampton, Stamford Bridge 17:00
Brighton & Hove Albion v Burnley, The American Express Community Stadium 17:00
Watford v Huddersfield Town, Vicarage Road Stadium 17:00
Manchester City v Tottenham Hotspur, Etihad Stadium 19:30
Logs
Team P W PTS
Previous Results

Date Home Team Result Away Team
Vote

Who will claim the Premier League title at the end of the 2017/18 season?

 
 
Men
Women
Love 2 Meet
English Premiership flutter

Take Sport24's "expert" tips at your peril...

Sport24 on Twitter

Follow Sport24 news on Twitter

Featured

The 2017/18 Absa Premiership season is under way. Can Bidvest Wits defend their title? Will Soweto giants Kaizer Chiefs or Orlando Pirates emerge victorious? Or will the bookies' favourites, Mamelodi Sundowns, taste success for a record eighth time? Stay glued to Sport24 to find out!

Latest blogs
 

Twitter Follow Sport24 on Twitter

Facebook "Like" Sport24's Facebook page

WIN Enter and win with Sport24!

BlackBerry Stay in the loop on your BlackBerry

RSS Feeds Sport news delivered really simply.

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