Ed Woodward backs Ole Gunnar Solskjaer and insists Man United are laying foundations for ‘long term success’ despite fall in revenues and £73m rise in debt last year
Ed Woodward has reiterated his support for Ole Gunnar Solskjaer as the club’s finances take a continued hit from the absence of Champions League football.
The United executive vice chairman believes the Old Trafford outfit is making progress with a squad rebuild and that they have a foundation to ‘deliver long-term success’ under the Norwegian.
United announced their second quarter figures on Tuesday lunch time and much of it does not make for pleasant reading.
Ed Woodward has once again backed Ole Gunnar Solskjaer to deliver ‘long-term success’ at Manchester United despite a decrease in revenues and an increase in net debt
Broadcast, matchday and overall revenues are down, with a rise in commercial revenue bucking the trend. Operating profit is also down, while debt is up.
Much of the losses, compared with the same period last year, is down to the club’s participation in the Europa League, rather than the Champions League.
Questions have been asked of Solskjaer, with United fifth in the Premier League and 38 points behind runaway leaders Liverpool, but Woodward sounded his backing.
The Old Trafford club are paying the price for once again being in the Europa League this season as opposed to the Champions League
‘We are pushing for a strong finish in the Premier League, the Europa League and the FA Cup as we enter the final third of the season,’ he said.
‘We have continued to make progress on our squad rebuild, with many changes in terms of players that we have brought in and players that have come through our Academy; the foundation for delivering the long-term success that we are all working towards is in place as we implement our plan and our footballing vision with Ole.’
United expect revenue to be between £560m and £580m for the year, down on last year’s record £627.1m.
