Manchester United's executive vice-chairman Ed Woodward has said that the club is on the brink of something special, after the Old Trafford outfit announced record annual revenues that have risen 19 percent to 433.2 million pounds, but profits fell by 84 percent.
Woodward said that the 2013-14 season was challenging and disappointing, but added that United is excited to have one of world's best managers and there is a real feeling that the club is at the start of something special.
The sharp fall in profits to 23.8 million pounds, from 146 million pounds a year ago was largely due to United's owners cashing in a tax credit in the previous financial year, The BBC reported.
But, Woodward reportedly preferred to focus on the overall revenue rise and commercial income that has gone up by 24.1 percent to 189.3 million pounds following confirmation of a new shirt manufacturing deal with Adidas.
However, it is clear from the fall in profits that the cost of last season was a heavy one. United paid former manager David Moyes and his staff 5.2 million pounds following their exits, while their Premier League prize money was reduced by 7.4 million pounds following their seventh-placed finish.
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The loss due to their failure to qualify for the Champions League will not be felt until the next round of figures, but the total cost will reportedly end up at more than 50 million pounds.
With only two points from their opening three Premier League games, in addition to a shock Capital One Cup defeat by MK Dons, manager Louis van Gaal's reign has not started well.
However, Woodward expects much better, at least in terms of United's revenue projection of between 385 million pounds and 395 million pounds next year. He said that they assume third place Premier League finish minimum in their budgets including next season.
