English Premier League giants Manchester United are set to announce on Wednesday a whopping £50m loss due to David Moyes' 11-month spell at the club.
The Scottish manager took over the helm at Old Trafford from legendary manager Sir Alex Ferguson, but after seeing the Red Devils hang in mid-table for most of the season, Manchester United came to the decision to sack the former Everton boss back in April.
Moyes made way for caretaker manager Ryan Giggs, who was eventually replaced as first-team coach by Dutchman Louis Van Gaal, but the damage was already done. Champions League football was out of reach by then, and the veteran Welshman could not do much to secure a Europa League spot, costing them £35m.
Manchester United's seventh-place finish also resulted in another £8.5m loss. Moyes received a £3.5m in compensation, costing United a total of £7m in wages. On top of that, there were lucrative pay-offs for Moyes' coaching staff of Steve Round, Chris Woods, Phil Neville and Jimmy Lumsden.
David Moyes' 11-month reign at Man United cost the club a whopping £50m
The Red Devils' failure to make the Champions League resulted in a £35m loss
Despite all these, the 20-time champions are believed to show a revenue within the region of £420m and £430m. Moreover, United acquired a record shirt-sponsorship deal with Chevrolet worth £53m-a-year, a deal which went a long way in helping fund Van Gaal's whopping summer spending spree worth over £150m.
The 20-time EPL champions have been financially helped by their record shirt-sponsorship deal with Chevrolet worth £53m-a-year
As reported in the Daily Star, senior sources in the club insist the lack of European football, and the revenue it would have brought to the Theatre of Dreams, will not be as costly as expected, claiming they will be able to cope.
