Man United's Solskjaer backed by Woodward as club debt grows
Ole Gunnar Solskjaer has received the support of executive vice chairman Ed Woodward at Manchester United, despite the club's profits falling and debt increasing to almost £400 million.
United are fifth in the Premier League, three points off the Champions League places, which may be enough to qualify for next season's competition should Manchester City's ban be enforced. However, United are 38 points off leaders Liverpool.
And Woodward has backed Solskjaer to be a long-term success at United, despite an inconsistent season in which the team have managed notable victories over Manchester City and Chelsea, but lost to Premier League strugglers Newcastle, West Ham United, Watford and Bournemouth.
"We are pushing for a strong finish in the Premier League, the Europa League and the FA Cup as we enter the final third of the season," Woodward said in a conference call to investors.
"We have continued to make progress on our squad rebuild, with many changes in terms of players that we have brought in and players that have come through our academy; the foundation for delivering the long-term success that we are all working towards is in place as we implement our plan and our footballing vision with Ole."
The club posted its second quarter fiscal results for 2020, showing a decrease in operating profits, down 17% to £36.5m, as well as a 23% increase in debt to £391m.
The club's broadcasting revenue fell by 33.4% in the six months to December, in part due to the lack of Champions League football.
Solskjaer's side host Club Brugge in a Europa League round of 32 return leg on Thursday after drawing 1-1 in their first meeting last week.