Joshua Raymond, chief market strategist for cityindex.co.uk , said that more than a single season without highly lucrative Champions League football would have had a "huge impact" on the club's "desirability to attract sponsors and continue to grow its commercial arm".
He told the Mirror: "For any company that performs badly and is listed on the stock exchange, shareholders would be screaming for change at the executive level.
"This is what Man Utd now has to get used to as a publicly traded company after a disastrous year which sees the club miss out on the highly lucrative Champions League.
"The board could ill afford taking the risk of another season like this one and with the club set to commit to over £100m in the transfer window this summer, they needed to ensure they had the right manager to spend this."
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