United finished seventh in the first season after Sir Alex Ferguson's retirement, with David Moyes sacked during the campaign for failing to deliver a top-four finish.
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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 €37m.
"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 €141m for the quarter – up 26 per cent – while sponsorship income rose and the club's overall debt fell. Broadcasting revenue also increased, to €43.5m, a rise of €17m.