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SBD/April 23, 2014/Franchises
Glazers Look To Fix ManU Following Moyes' Firing, Return To Champions League Play
Published April 23, 2014
A BUMP IN THE ROAD: The FINANCIAL TIMES' Roger Blitz writes Moyes' firing "is perhaps the worst moment in the nine-year tenure of the family." The Glazers entrusted former manager Sir Alex Ferguson with the "task of choosing his own successor and gave Moyes a six-year contract, hoping these two acts would soothe worried fans by promising a continuation of the dynastic culture at Old Trafford that has brought the club so much success." The "most pressing task for Moyes’ successor" is to ensure that ManU, which will likely fail to qualify for next season’s Champions League, "does not suffer the same indignity two seasons in a row." Missing out on Champions League qualification "will probably cost" ManU $16.8-20.2M (all figures U.S.). However, that is "comfortably manageable" for a club that is projecting EBITDA for the year to June of $215-223.4M and revenues of $705.4-722.2M. The club "may be a robust enough machine to navigate a bump in the road -- but it will not want too many more bumps ahead." A source said, "They can’t afford to be out of the Champions League beyond a year; it is just plain rubbish to pretend not. No sponsor would commit to that" (FINANCIAL TIMES, 4/23).