Manchester United reveal they paid £8.4m to sack Louis Van Gaal
FA Premier League
Manchester United may have revealed they are the first English club to earn over half a billion pounds in revenue in one financial year, but by doing so they also let slip that it cost them £8.4million to sack Dutch coach Louis van Gaal.
United yesterday announced they made £515.3million this financial year. However they will miss out on being the world's richest football club due to the money spent on replacing former boss Van Gaal and his staff.
One of the his star signings, German midfielder Bastian Schweinsteiger, was also written off as an asset by the club after being frozen out by manager Jose Mourinho. The 'exceptional items' section of United's annual results listed a sum of £6.7million "related to a reduction in the value of a player no longer considered to be a member of the first team playing squad". That is clearly Schweinsteiger.
Executive vice-chairman Ed Woodward made no mention of Van Gaal or Schweinsteiger in his conference call to potential investors, but said that the club were expecting a revenue this year of between £530m-£545m despite not qualifying for this year's Champions League.
"These are very exciting times for Manchester United and we're optimistic for the season ahead and for our longer term future," Woodward said.