Man Utd says European absence to cost more than 30 million pounds

LONDON Thu May 15, 2014 8:43am EDT

LONDON May 15 (Reuters) - 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.

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. ($1 = 0.5960 British Pounds) (Writing by Keith Weir; Editing by David Goodman)