Woodward makes Man Utd transfer promise as financial results are released

Ole Gunnar Solskjaer will be handed the financial power to spend Manchester United out of their slump – after the damaging cost of their Champions League exile was revealed.

In a major statement backing Solskjaer to make progress on the pitch and finish the season on a high, United chief exec Ed Woodward vowed United would continue a “squad rebuild."

He claims the Old Trafford giants have already made progress in reviving their squad including signing Bruno Fernandes in January for £67million and has vowed more “experienced, world class” star will arrive in the summer.

United stars were hit with a pay cut, earning nine per cent less cash, because of missed Champions League bonuses.

Media and match day revenue also crashed in their quarterly results, because they are only in the Europa League this season.

Woodward said the “number one priority” was “winning trophies with a team playing entertaining, attacking football”.

He added: “Our own long-term plan is underpinned by the enduring strength of our business, which provides us with the funds and the confidence to keep investing in our team and in our facilities.

“This season is one of rebuild with many changes to the squad in terms of players who have left or gone out on loan, new players we have brought in to the club or academy graduates we have brought into the team.

“This process will continue as we implement our plan and footballing vision under Ole and his coaching staff.

“Despite being linked to 111 players in January signing just one of them, Bruno Fernandes was an important step in that direction, demonstrating our commitment to bringing in experienced world class recruits to the exciting crop of academy graduates.

“We will take the same planned disciplined approach this summer.”

Under-fire Woodward said revenues had fallen because United are not in the Champions League this season, but are “in the mix” to qualify again in May.

There's been a £39m fall in broadcasting cash, and match day revenues fell 15 per cent because of fewer games, but commercial income is still on the rise, up 7 per cent.

Net debt has also soared 23pc year on year to £391.3m, up £73m over the year.

Woodward, who is facing the wrath of United fans and has his home attacked last month, has insisted Solskjaer is fighting well on three fronts.

He said: “We are pushing for a strong finish in the Premier League, the Europa League and the FA Cup as we enter the final third of the season.”

United moved fifth in the Premier League last week by beating Chelsea . They are favourites to progress to the Europa League last 16 by beating Club Bruges and face Derby in the FA Cup fifth round.

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