Premier League - European absence to cost Man Utd more than £30m

Failure to qualify for European competition next season will cost English soccer club Manchester United more than 30 million pounds ($50 million), executive vice-chairman Ed Woodward said on Thursday.

Premier League - European absence to cost Man Utd more than £30m

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Manchester United's manager David Moyes walks with the team mascot before their English Premier League soccer match against Swansea City at Old Trafford in Manchester, northern England January 11, 2014 (Reuters)

Woodward said the club would make an announcement "in due course" on the team's new manager, after the dismissal of David Moyes before the end of his first season, and remains active in the player transfer market.

Speaking to financial analysts, Woodward also said United remained in discussion with a number of groups about a new kit supply deal for when Nike's contract expires next year.

However, United received small consolation for surrendering their Premier League title to Manchester City by earning almost £30million more than when they lifted the trophy the previous season.

The Red Devils received £60.8million in winning the 2012-13 title and £89.1m in finishing seventh a year later as City triumphed for a second time in three years.

Thanks to the £5.5billion broadcast deal, Cardiff earned more from finishing bottom of the standings this season than United earned as champions the previous campaign, the Premier League announced on Wednesday.

The Bluebirds received £62.08million in finishing 20th in their one-season stay in the top flight, over £22million more than QPR did in finishing last in the 2012-13 season.

City earned £96.5million as champions - almost £36million more than United's last term - but second-placed Liverpool were the top earners with £97.5million as a consequence of more of their games being screened live by broadcasters.

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