English soccer club Manchester United promised to use its financial muscle to help recover from a “turbulent season”, as it stuck with its full-year earnings forecast despite a quarterly hit from higher wages.
Following a brief upturn in form after replacing manager Jose Mourinho with former striker Ole Gunnar Solskjaer, the team stuttered in the last few weeks and finished only in sixth place in the Premier League last weekend.
This further fuelled calls to rebuild the squad as the 20-time English champions missed out on a berth in next season’s lucrative UEFA Champions League competition.
The club has also reportedly been looking to appoint a technical director to oversee player recruitment and contract negotiations and allow Woodward to focus primarily on further boosting financial performance off the pitch.
Woodward, a former investment banker who advised the American Glazer family on its takeover of the club in 2005, has seen several big-money signings and a trio of managers underperform after the retirement of Alex Ferguson in 2013.
Since Woodward’s appointment as Executive Vice Chairman in 2012, the club’s commercial revenue has more than doubled. Commercial revenue in the latest quarter was unchanged from a year ago at 66.6 million pounds.