United spent $8 million paying off Moyes and coaching staff, forecasts 10 percent income slump

Associated Press

Manchester United says it spent more than $8 million paying off David Moyes and his staff, and forecasts a 10 percent slump in revenue because of the club's failure to qualify for European competition.

Moyes lost his job 10 months after succeeding Alex Ferguson.

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In its annual financial results, United highlighted a cost of 5.2 million pounds ($8.4 million) "primarily related to compensation payments on loss of office to the former manager and certain members of the coaching staff."

Louis van Gaal replaced Moyes, but has failed to win his first four matches.

United remains a commercial juggernaut, with 2013-14 revenue up 19 percent to a club record 433.2 million pounds ($699 million). But United forecasts revenue in 2014-15 to drop to as low as 385 million pounds ($619 million).