Friday 13 May 2016 19:08, UK
Manchester United executive vice-chairman Ed Woodward failed to mention under-fire manager Louis van Gaal as he discussed record quarterly revenues with the club's investors on Friday.
United are on course to become the first British club to earn more than £500m in a single year, after announcing record revenues of £123.4m - up 29.9 per cent from last year - for the third quarter of 2016.
But that success off the pitch has not been matched by the team's fortunes on it, with United trailing rivals Manchester City by two points in the race for fourth place heading into their final Premier League game of the season at home to Bournemouth on Sunday, live on Sky Sports 1 HD from 2.30pm.
The club's damaging 3-2 defeat at West Ham on Tuesday has piled pressure on the Dutchman as United face up to the prospect of missing out on Champions League football for the second time in three seasons.
Woodward touched on a variety of topics in his nine-minute conference call with investors as he outlined United's willingness to spend this summer, while also praising the club's youth academy, but did not refer to Van Gaal at any point.
"There has been a continued inflation in player transfers, given the increase in money flowing around the industry," Woodward explained.
It is the heart of the club. It is in our DNA. That will help in terms of net transfer spend.
"You know as a club, we will always invest in the squad to the extent that we feel we need to so that we're challenging for titles.
"But I think this sustained level is probably relatively high compared to what is needed.
"The academy is helping us in terms of net transfer spend. The market has become more competitive.
"It is the heart of the club. It is in our DNA. That will help in terms of net transfer spend."
United's transfer spending since Van Gaal succeeded David Moyes has been mammoth, with the Dutchman allowed to spend more than a quarter of a billion pounds on 12 new players as he has completely overhauled the squad.
But that outlay has not translated into improved performances on the pitch with Van Gaal's side, who are on course to shatter the club's record total for fewest goals scored in a Premier League season, trailing champions Leicester by 17 points heading into the final weekend.
Woodward admits it has become far more difficult for teams to simply spend their way out of trouble.
"I have to say it has become more competitive," Woodward conceded. "It became more competitive when Chelsea had a change of ownership 13 years ago, it obviously got more competitive when Manchester City changed ownership about five years ago.
"The last round increase [of TV rights money] was 70 per cent domestically. Obviously we're in the last year of that cycle, and visibility into the next year's cycle - from domestic money going up by a similar percentage - obviously makes all the other clubs more competitive in the Premier League.
"But I think the way we view it is that we know we have strengths and we have to focus on giving ourselves the best chance in every single area of the club that we can.
"Yes, that's the academy, but it also means in recruitment, it means the coaching staff, it means having the best medical department, sports science facilities, etc. It's trying to get the extra one per cent from all of those areas that influences and impacts the first-team."
