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The club's executive vice chairman has revealed the club will lose money, but has vowed to spend in order to return the Old Trafford outfit to European football's top table

Manchester United executive vice-chairman Ed Woodward has revealed the club expect to lose over £30 million in revenue in the 2014-15 season after failing to qualify for the Champions League.

United finished seventh in the first season after Sir Alex Ferguson's retirement, with David Moyes sacked for failing to deliver a top-four finish.

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But Woodward has now revealed the club expect to get back into the Champions League at the first time of asking and has vowed to prove that by spending money in the upcoming summer transfer window.

Speaking in a telephone conference, he said: “Due to the television deals, we estimate our loss of European football will cost us in the mid £30m.

“The club's expectations are to absolutely get back into the Champions League and you'll see it in the transfer market.

“In the 2013-14 season, we finished a very disappointing seventh which means we will not play European football season.

“Be assured everyone at the club is working to ensure next season is to the top standards of Manchester United.”

Woodward also placed on record his thanks to Ryan Giggs, who stepped in to become player-manager following Moyes' departure, but expects an announcement on the club's new boss “in due course.”

That manager is set to be Louis van Gaal, with the Netherlands coach having agreed to take over, though United delayed unveiling the 62-year-old on Thursday.

“We made a managerial change in April, we are very grateful to Ryan Giggs for holding the reins during the period and the exemplary manner he conducted the role,” Woodward added.

“We are now focused on bringing in a manager and expect an announcement in due course.

“Everyone at the club is working hard to ensure the team is back challenging for the title and trophies next season.”

Meanwhile, United have posted revenues of £115.5m for the quarter – up 26 per cent – while sponsorship income rose and the club's overall debt fell. Broadcasting revenue also increased, to £35.6m, a rise of £13.9m.

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