Manchester United paid David Moyes and
his coaching staff £5.2 million in compensation after sacking them as
the total cost of the manager's regime becomes clear.
Under Moyes, Manchester United failed to qualify for European football for the first time in 25 years, something which is set to cost the club around £40m in lost revenue.
As a result, the lack of European football means the club's projected income for the next financial year is £390-395m; they will miss out on Champions League television rights cash and play fewer home games, each of which usually bring in more than £3m.
The impact of the Scot's influence will not be fully confirmed until the club's next set of financial figures, however, and in the last financial year they were still able to announce record annual revenue of £433.2million.
United saw their income rise by 19% as a result of large increases in their commercial and broadcasting revenue and their record £750m 10-year kit sponsorship deal with Adidas.
They also recorded a profit of £23.8m after a net spend of £78.9m on transfers, buying Marouane Fellaini, Juan Mata and beginning their 2014 summer spending spree.
The cost of United's most recent acquisitions - Marcos Rojo, Angel di Maria, Radamel Falcao and Daley Blind - were not included in those figures.
United's broadcasting revenue rose 33% as a result of the new Premier League television deals and their commercial revenue went up 24% to a record £189m. Their gross debt has been reduced by £48m from £389m to £341m.
Ed Woodward, United's executive vice-chairman, said in a statement: "We are very proud of the results achieved in fiscal year 2014 as we once again generated record revenues.
"We also recently announced a record-breaking deal with Adidas and very much look forward to launching this partnership next summer. With Louis van Gaal at the helm as manager, and the recent signing of some of the world's leading players to further strengthen our squad, we are very excited about the future and believe it's the start of a new chapter in the club's history.
"Louis' footballing philosophy fits very well with Manchester United and he has an impressive track record of success throughout his career, winning league titles with every club he has managed.
Under Moyes, Manchester United failed to qualify for European football for the first time in 25 years, something which is set to cost the club around £40m in lost revenue.
As a result, the lack of European football means the club's projected income for the next financial year is £390-395m; they will miss out on Champions League television rights cash and play fewer home games, each of which usually bring in more than £3m.
The impact of the Scot's influence will not be fully confirmed until the club's next set of financial figures, however, and in the last financial year they were still able to announce record annual revenue of £433.2million.
United saw their income rise by 19% as a result of large increases in their commercial and broadcasting revenue and their record £750m 10-year kit sponsorship deal with Adidas.
They also recorded a profit of £23.8m after a net spend of £78.9m on transfers, buying Marouane Fellaini, Juan Mata and beginning their 2014 summer spending spree.
The cost of United's most recent acquisitions - Marcos Rojo, Angel di Maria, Radamel Falcao and Daley Blind - were not included in those figures.
United's broadcasting revenue rose 33% as a result of the new Premier League television deals and their commercial revenue went up 24% to a record £189m. Their gross debt has been reduced by £48m from £389m to £341m.
Ed Woodward, United's executive vice-chairman, said in a statement: "We are very proud of the results achieved in fiscal year 2014 as we once again generated record revenues.
"We also recently announced a record-breaking deal with Adidas and very much look forward to launching this partnership next summer. With Louis van Gaal at the helm as manager, and the recent signing of some of the world's leading players to further strengthen our squad, we are very excited about the future and believe it's the start of a new chapter in the club's history.
"Louis' footballing philosophy fits very well with Manchester United and he has an impressive track record of success throughout his career, winning league titles with every club he has managed.
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