Former Manchester United centre-back David May has insisted that the club were right to sack David Moyes earlier today.

Despite the fact that Moyes inherited last season's champions from Sir Alex Ferguson, United have slipped to seventh in the Premier League and will not participate in the Champions League next term for the first time since 1995.

With that and the summer transfer market in mind, May believes that the time was right for United and Moyes to go their separate ways.

"The club are going to lose something like £50m over the next 12 months from not being in the Champions League. That is a massive chunk of money. If they are going to give David Moyes another £150m [to buy players], that is a hell of a lot of money to give to a manager, which based on this season's results, is a bit of a gamble," he told MUTV.

"The club have done the right thing. It's about results and the results haven't been good enough. The way that United have played hasn't been good enough either."

Louis van Gaal, Jurgen Klopp and Ryan Giggs are among the favourites with the bookmakers to fill the vacancy.