ED WOODWARD is “more confident than ever” that Manchester United are on the “right track” having brought in the likes of Cristiano Ronaldo over the summer.
Having last season finished as Premier League and Europa League runners-up, the Old Trafford giants followed up the big-money acquisitions of Jadon Sancho and Raphael Varane by signing a club great.
Ronaldo completed his blockbuster switch from Juventus on deadline day, bolstering a side that is looking to win their first trophy since 2017 and currently sit top of the Premier League.
And while Ole Gunnar Solskjaer has come under scrutiny following 10-man United’s shock 2-1 loss at Young Boys in Tuesday’s Champions League opener, executive vice-chairman Woodward is sure they are on the right track.
“The team has made a strong start in the league and everyone at the club is feeling excited about the rest of the campaign,” Woodward will tell investors on an earnings conference call on Friday.
“We significantly strengthened the squad over the summer, with the addition of Cristiano Ronaldo, Raphael Varane, Jadon Sancho and Tom Heaton.
“These signings have demonstrated our continued ability to attract some of the world’s best footballers to Old Trafford, and our firm commitment to helping Ole deliver success on the pitch. Furthermore, we recently sold Dan James to Leeds for a fee of £25million, plus add-ons.
“We have been clear in our strategy to build a squad with a blend of top-class recruits and homegrown talent, comprising a balance of youth and experience, with the aim of winning trophies and playing attacking football the Manchester United way.
“As part of this, we have continued to strengthen our recruitment and scouting processes and we have also increased our investment in the academy, to ensure that this success is sustainable.
“While squad-building is a constant process, we are more confident than ever that we are on the right track.
“The same is true of our women’s team, which has made a positive start to the season under our new head coach Marc Skinner and we are firmly committed to continuing to build our presence in the women’s game.”
Woodward, who will leave his post at the end of the year, said United’s “optimism about on-field prospects goes hand-in-hand with the confidence in our robust operational business model”.
The executive vice-chairman’s comments come as the club revealed their financial results for the year ending June 30, 2021.
In their previous annual results, the Old Trafford giants’ revenue dropped from £627.1m to £509m – figures that incorporated just a three-month hit of the coronavirus pandemic.
The economic ramifications continued in the year ending June 30, with United’s revenue dropping down to £494.1m as they recorded an operating loss of £36.9m last season.
The net loss of £92.2m for that period – up 297.4 per cent from £23.2m in 2020 – was largely down to the accounting impact of a £66.6m non-cash tax charge.
Net debt was down from £474.1m to £419.5m year on year, thanks in no small part to season ticket revenues and favourable exchange rate.
Champions League participation was a key reason behind wages increasing by 13.6 per cent to £322.6m.
Woodward added: “While the financial impact from the pandemic is visible, our continued underlying strength is also clear to see and everyone associated with the club can be proud of the resilience we have shown through these most testing of times.
“We said during the depths of the pandemic that the club would emerge in a stronger relative position and I believe we are now seeing that borne out as we build towards recovery from a very solid foundation.
“The most important part of this recovery is the return of fans to Old Trafford and it has been fantastic to see and hear the stadium full for the first time in almost 18 months.
“The amazing atmosphere during the opening home games of the season demonstrates that fans are the lifeblood of the game and we’re so glad to have them back.”
