Wealth Manager - the site for professional investment managers

Register for full access to Citywire’s Fund Manager database, news and analysis. Registration is free and only takes a minute.

David Moyes sacked as Man Utd boss

David Moyes sacked as Man Utd boss

Manchester United boss David Moyes has been sacked.

A brief statement on the football club's website read: 'Manchester United has announced that David Moyes has left the club. The club would like to place on record its thanks for the hard work, honesty and integrity he brought to the role.'

Shares in the US-listed firm slipped by 1.2% overnight as rumours circulated that Man Utd’s owners, the Glazer family, had lost patience with the club’s new boss after just 10 months in charge.

The Premiership champions are on course for the worst defence of a title since 1996, with the club languishing seventh in the league and out of the race for the Champions League. Sunday’s tepid performance against Moyes’ (pictured) former club Everton, in which Man Utd lost 2-0, is understood to have been the final straw for the Glazers.

Man Utd’s absence from the Champions League could have severe financial implications, especially if prolonged.

In an interview with the Manchester Evening News in February, former Goldman Sachs economist Jim O’Neill - who led the Red Knights which tried to buy Man Utd in 2010 – underlined why Champions League football is so important to the club.

‘I think the Glazers’ model is all based on persistent performance in the Champions League,’ O’Neill told the paper.

He added: There is a real possibility that United will not be in the Champions League, not just for one year but more than one year and that is a big problem because of the business model of the current ownership.

‘It is not good for the Glazers’ representatives, who want to tour the world and encourage potential sponsors to beat the value of whatever the previous deal they have done is.’

The decision to sack Moyes will cost the company several million in compensation as he was handed a six-year contract when he joined.

Dutch boss Louis van Gaal and Borussia Dortmund manager Jurgen Klopp have been installed as favourites to replaces Moyes, with Ryan Giggs also said to be in the mix.

Bookies are also offering odds on former manager Sir Alex Ferguson making a stunning return.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Investment Pulse: the highs and lows of 2014

Investment Pulse: the highs and lows of 2014

This week's Investment Pulse looks back at some of the biggest stories of the year as well as looking forward to 2015.

Play Inside ETFs: Why the US bull-run still has legs

Inside ETFs: Why the US bull-run still has legs

Global equities suffered a sharp sell-off in the third quarter but exchange traded fund investors are continuing to back the US to outperform in 2015

Play Paul Niven: I won't rip up the Foreign & Colonial Trust history book

Paul Niven: I won't rip up the Foreign & Colonial Trust history book

The newly appointed manager of the Foreign & Colonial trust talks about his plans for UK's oldest investment company.

Your Business: Cover Star Club

Manchester wealth firm hires Coutts director for London launch

Manchester wealth firm hires Coutts director for London launch

Former Coutts director Tony Robinson has joined Chartered Wealth Management to head the company’s newly opened London office.

Wealth Manager on Twitter