Man Utd chief: If success-starved Liverpool can still sell shirts we don’t need to worry
Mirth might be in short supply among Manchester United fans this season but that did not stop executive vice-chairman Ed Woodward making an apparent joke at Liverpool’s expense while announcing financials today.
Woodward delivered the pointed quip during an investor conference call while rebutting fears that United’s dreadful recent on-field performance would affect their famous money-making ability.
“Some of our competitors haven’t won the league for a long time but still sell a huge number of shirts globally – some just down the road from us,” he said, in an apparent reference to Liverpool, who sit nine points ahead of United in the Premier League.
“It takes a long, long time to build up a huge fanbase to have the equity values of what we are as a business and a club so that people can understand why it makes sense to partner with us – and I don’t think that will go away.”
Woodward refused to be drawn on how much money might be spent this summer but did reveal the champions, who spent a club record £37m on Juan Mata last month, were planning a spending spree on more than three players.
“It is fair to say we are focused on strengthening the squad,” he added. “Historically we’ve had roughly three sales and three purchases each year and it’s possible we would do more than that.”
His comments came as the club announced healthy Q2 results, with revenue of £122.9m for the last three months of 2013 up 11.6 per cent year on year.
United shares, which trade on the New York Stock Exchange, were downgraded by Deutsche Bank last month due to disappointing results and higher than expected player costs.
The team sit seventh in the Premier League, nine points off the top four place they need to qualify for next season’s Champions League. Failure to make European club football’s biggest competition would hit earnings by approximately €50m (£41m), Deloitte estimates.