Manchester United’s executives have spelled out to Louis van Gaal that he needs to secure a top-three finish in the Premier League this season.
United’s executive vice-chairman Ed Woodward said a target of finishing at least third had been set for the club’s budget – and he also played down the possibility of further new signings in January.
Woodward claimed the club are “at the start of something special” under Van Gaal despite admitting income will fall by up to £48 million (Dh285.4m) as the price for missing out on Europe.
United have announced record revenues of £433.2m for last season, while it was revealed the club paid out £5.2m in compensation payments to sacked manager David Moyes and some members of his coaching team.
Woodward said in a conference call with club investors: “Our budgets assume a third-placed finish, as is ordinarily the case.
“The 2013/14 season was a very challenging and disappointing one. But under Louis there is a real feeling at the training ground that we are at the start of something special.
“We are very excited about the future and believe it’s the start of a new chapter in the club’s history.
“I’m confident with Louis as our manager, with a clear philosophy and a reinvigorated squad, we will get back to challenging for the title and trophies.”
Asked about the prospect of more capital expenditure on new players in January, Woodward played down the likelihood.
He said: “We don’t intend to significantly increase ‘cap-ex’ in January. We will continue to monitor, in association with Louis, his view of the squad and which areas we want to strengthen and which areas we want to sell.
“The usual three in, three out is par for the course in the numbers in and out each year, typically in the summer.”
The annual figures also show that the club made a £23.8m profit, down from £146.4m in 2012/13, but that huge sum was entirely due to a one-off tax credit from USA assets of £155m.
United’s wage bill rose 19 per cent to £214.8m, an increase of £34.3m “primarily due to the impact of player acquisitions and renegotiated player contracts”, according to the annual report.
One of the players to leave United this summer was England striker Danny Welbeck, sold to Arsenal for £16m in a move which baffled former United full-back Gary Neville.
“I can’t work it out,” Neville, who played 602 times for Man United, told TalkSport.
“There’s been right-backs and left-backs galore who have been bought for £15m this summer. How have they got him for £16m?
“It’s a centre-forward and actually it’s helped out a competitor, someone who will be vying for those third and fourth places with United this season. I’m struggling to understand the logic behind the deal.”
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