Big name arrivals will return Manchester United to Europe: Ed Woodward
Manchester United's pay-off for David Moyes will be "single-digit millions" it has emerged, as club chiefs promised major investments on new transfers to ensure a return to the Champions League.
United executive vice-chairman Ed Woodward also said an announcement on a new manager would be made "in due course" –it is understood the expected appointment of Louis van Gaal will not take place before next week.
Woodward said in a conference call to club investors that the cost to United of not playing in the Champions League next season would be "in the mid-£30millions" and that there was a determination to return to Europe's top club competition.
Woodward continued to say that finishing seventh in the Premier League had been "very disappointing" and suggested missing out on Europe had led to the sacking of Moyes last month.
He said: "The club's expectations – and you will see this reflected in the transfer market – are absolutely to get back into the Champions League.
"We will be active in the transfer market and deals will be done."
In relation to the pay-off to Moyes and his backroom staff who also left, investors were told the figure would be revealed in September and it was expected "to be single-digit million pounds".
Woodward said record revenues for the third quarter of the financial year puts United in a good position to invest and challenge for the title next season.
United reported revenues of £115.5million for the quarter, up 26 per cent, mainly due to rises in Premier League broadcasting money and sponsorship deals.
The club and 62-year-old Van Gaal are understood to have reached a broad agreement.
Van Gaal is busy with preparations for Holland's friendly against Ecuador at the Amsterdam ArenA tomorrow, and sources close to the club have ruled out any announcement taking place soon.
Ryan Giggs was photographed leaving a hotel in the Dutch town of Noordwijk on Wednesday, where it is understood the 40-year-old met with Van Gaal.
Giggs' playing contract expires in June and he is expected to be offered a senior coaching role, though it is not known whether he intends to keep playing next season.