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Old 25-09-2019, 09:21 AM   #886
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Default Re: Manchester United - Biz, Financial news 'n rumors

Crisis, what crisis? Struggling Manchester United post record revenues of £627m - and under-fire Ed Woodward says they WILL back Ole Gunnar Solskjaer's 'philosophy' and rebuild the team next year

* Manchester United have revealed their revenue for the latest financial year
* The club have posted a record revenue of £627.1m, according to accounts
* Chief executive Ed Woodward insists they are still committed to onfield matters


Ed Woodward delivered a ringing endorsement of Ole Gunnar Solskjaer on Tuesday as Manchester United announced record revenues of £627.1million.

The executive vice-chairman said United’s manager, under pressure after an underwhelming start to the Premier League, deserved time.

‘It’s important we are patient while Ole and his team build for the future,’ Woodward said. ‘We will continue to focus on the long-term strategy and won’t be influenced by short-term distractions.’

United, who lost 2-0 at West Ham on Sunday, are 10 points behind leaders Liverpool after six games — but Woodward said he was confident about what the future held.

‘The progress we’ve made on the business side underpins our continued investment in the football side,’ he explained. ‘Much of the investment in the academy, the recruitment department and the training ground is not immediately apparent to those on the outside, but we believe we have put the building blocks in place for success.’

There has been criticism over the club’s structure after a series of expensive transfer blunders and United have been pondering whether to bring in a technical director.

‘Regarding the speculation around a head of football, we are continually reviewing and looking at the potential to evolve our structure on the football sides.

'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,' he said in a statement on Tuesday.

'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 United is committed to delivering on our primary objective of winning trophies.'


Manchester United have posted record revenues for the latest financial year of £627.1million. Ed Woodward insists that the club remains committed to winning trophies on the pitch

‘Much of the speculation around this type of role focuses on recruitment, an area we’ve evolved in recent years. We feel the players that we’ve signed this summer demonstrate that this approach is the right one.

‘Returning to the roots of our club’s ethos of youth-led, attacking football is the right way forward and everyone at the club — the board, the manager, the squad and all of the staff — remain resolute in their desire to get Manchester United back to the top of English football.’

Despite a significant outlay on the likes of defenders Harry Maguire and Aaron Wan-Bissaka and winger Daniel James over the summer, the inability to replace striker Romelu Lukaku has been scrutinised.

Woodward added in the club's quarterly investors' call: 'We and our growing global fan-base demand success. Success means winning trophies. That target and that standard has never changed for Manchester United.

'These investments, together with the commitment we've made to Ole and his coaching staff in March have given us the building blocks for success.

'Whilst we're confident this investment will deliver results, it's important that we are patient while Ole and his team build for the future.

'We will continue to focus on the long-term strategy and won't be influenced by short-term distractions.'

Regarding a potential director of football, Woodward said: 'We're continually reviewing and looking at the potential to evolve our structure on the football side.'

The club, whose stock has dropped more than seven per cent this year, is also lagging behind other European clubs that have either surpassed it in terms of revenue or are quickly looking to close the gap.

Last week, Spanish giants Barcelona reported 990 million euros (£872.8m) in turnover for 2018-19 and expect to surpass one billion euros (£881m) this year, while United's domestic rivals Manchester City and Liverpool are also breathing down their necks.

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https://www.dailymail.co.uk/sport/football/article-7498511/Manchester-United-post-record-revenues-627-1million.html
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