Ed Woodward's 2014 Man United target after £433m news shows true fall from grace when compared to Ineos

Manchester United have been on a constant downward trajectory since Sir Alex Ferguson’s retirement in 2013.

Poor decisions made over the past decade and a half have resulted in Manchester United losing their spot at the peak of English football.

Now, Ruben Amorim is the latest manager brought in to try and solve the mess. His United sit 14th in the Premier League table and Amorim must win the Europa League to salvage the season.

That is because Ineos are budgeting to be in the Europa League for the next four years, but United are at risk of missing out on continental football altogether.

United’s Europa League campaign resumes on Thursday in the first leg of their Round of 16 clash against Real Sociedad. If United fail to win the competition, it will force Ineos to re-think their expectations and budget again.

Compared to 11 years ago, the expectations around Old Trafford have shifted massively.

Photo by Ash Donelon/Manchester United via Getty Images

Ed Woodward’s target for Man United in 2014

Just over 10 years ago, United were preparing to head in to the 2014/15 campaign with Louis van Gaal at the helm.

Sir Alex Ferguson’s successor, David Moyes, only managed a seventh-placed finish in the Premier League – the lowest the Red Devils had ever finished at the time.

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As reported by Sky Sports, United’s CEO Ed Woodward publicly stated that the expectation heading into that season was a third-placed finish in the league.

Not only was that the expectation, but Woodward actually budgeted for a third-placed finish. Van Gaal fell just short of that target by finishing fourth in the Premier League.

“We assume third [place] in our budgets,” Woodward said. “We feel like we’ve got to a level now where we’ve got a stable number back in the squad. We guided that usually three in, three out is par for the course every year and those typically are in the summer.”

At the time, United had just announced club-record revenue of £433million for the 2013/14 season, but that figure plummeted to £395m the year after.

Manchester United revenue Credit: Adam Williams / United in Focus / GRV Media

Ineos forced to lower Man United expectations

For the past decade, United have often budgeted for a top-four finish and reaching the quarter-finals of the Champions League.

However, that has only been achieved twice since Ferguson’s retirement.

Now the club are accounting for a total sporting collapse. 2025/26 is set to be the first year without any European football whatsoever for Manchester United since 1989/90.

When Woodward took the reigns, it was a sign of United’s continued consistent sporting and financial health that the club could set targets like a top-three finish being the minimum expectation. Even if by 2014, there had been a sharp shock, with David Moyes sacked on the way to a seventh placed finish.

Amid heavy losses, Ineos are budgeting for no European football, accepting the awful predicament Manchester United find themselves in.

Ruben Amorim aims high

Ruben Amorim has high aims at United, suggesting his goal is to win the Premier League.

Ineos want to win the Premier League by 2028, but frankly the club are nowhere near being title challengers at the moment.

Short-term pain is necessary to get the club back to where it belongs, but Ineos cannot set crazy expectations or budget for Amorim to return to the top straight away.

READ MORE: Sir Jim Ratcliffe has ‘£113m problem’ at Man United as 19 Premier League clubs take official PSR action

United are already struggling to comply with PSR, and poor on-pitch performances will likely cause club revenue to take a hit once again.

It will take time to stabilise but firstly United, Ineos and Amorim need to set realistic targets.

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