Ed Woodward outlines long-term Manchester United vision after latest financial results

The United chief believes the club’s investments are beginning to bear fruit (Picture: Getty)

Ed Woodward says Manchester United’s ‘ultimate goal’ is to win trophies, outlining his long-term vision for the club following the release of their latest financial results.

In a statement on Monday, United confirmed that the club’s first quarter revenue stands at £135.4m – up £0.4m year-on-year – while commercial revenue has increased by 5.9%.

Interestingly, wages are down 8.8% to £70.2m a year, partly due to some high-earning departures – such as Romelu Lukaku and Alexis Sanchez – but ‘primarily due to reductions in player salaries as a result of non-participation in the Champions League.’

The Red Devils are currently in seventh place in the Premier League table (Picture: Getty)

Debt has gone up from £137.3m to £384.5m, a 55.5% increase, which is due to ‘an overall decrease in cash and cash equivalents’ – effectively money used for summer signings.

The absence of Champions League football has seen broadcasting revenue drop by 23.1% and, coupled with the lesser prize money, annual revenue for 2020 is expected to be around £67m down on last year.

Executive vice-chairman Woodward is due to hold an investors’ call later in the day, but released a statement commenting on United’s performances on and off the pitch.

‘We have a clear vision in terms of football philosophy and recruitment,’ said Woodward.

‘The significant investments that we have made in recent years in areas such as transfers, recruitment infrastructure, analytics and our academy are already beginning to bear fruit.

‘We are very proud to be shortly approaching a milestone 4,000th game featuring an Academy player, and we are particularly optimistic regarding the considerable young talent currently coming through.

Wages dropped due to contract clauses for failing to qualify for the Champions League (Getty)

‘Our ultimate goal is to win trophies by playing exciting football with a team that fuses graduates from our Academy with world-class acquisitions.’

United are currently in seventh place in the Premier League table, nine points adrift of the top-four places, though their form – particularly on the road – has improved significantly in recent weeks.

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