Louis van Gaal has been given the green light to carry on spending as Manchester United announce a record turnover of £433 million and a profit of £23.9m in their latest accounts.
The accounts for the year ending June 2014 do not take into account the British-record £59.7m signing of Angel Di Maria or the late-August captures of Marcos Rojo, Daley Blind and Radamel Falcao on loan.
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United's commercial deals, including a £53m-a-year shirt sponsorship deal with Chevrolet that started this summer and a 10-year kit agreement with Adidas worth £75m-a-year that kicks in next year, mean that the 20-times Premier League champions are able to withstand the cost of a season outside of Europe's elite - despite Woodward explaining that they can expect a 10 per cent drop in revenue as a result of their failure to qualify.
Real Madrid announced last week that their annual revenue has soared to £480m, the highest mark for any club in the world, but even the Spanish giants and fellow big-hitters Barcelona cannot rival the fresh commercial deals in place at Old Trafford.
United have spent in excess of £150m this summer on new signings, including the British record signing of Di Maria.
Sources have told Goal that United could eve have afforded to spend £200m on transfers and have the finances in place to buy a player to the equivalent value of Di Maria every year for the next decade.
Further spending is expected to take place in the January market as Van Gaal is given further licence to continue his radical overhaul of a squad that failed so dismally under David Moyes last season and has begun the current campaign in equally uncertain fashion.
Woodward confirmed that the club are open to more purchases in the winter window if the manager wants deals done.
"We don't intend to significantly increase cap-ex in January," he explained. "We will continue to monitor, in association with Louis, his view of the squad and which areas we want to strength and which areas we want to sell. The usual three in, three out is par for the course in the numbers in and out each year, typically in the summer.
"I wouldn't have expectations for January but, if there is a willingness from the manager, we will engage with him and if there an opportunity, we will try and take that as we did last year with Juan Mata."
It is believed that Moyes was given a £3.5m pay-off, equivalent to a year's salary, with the annual results revealing that a total of £5.2m was spent on removing him and his backroom team of Phil Neville, Steve Round, Jimmy Lumsden and Chris Woods.
United’s surprise drop from champions in 2012-13 to seventh-place last season saw the club suffer a reduction of £8.4m in Premier League prize money last season – a campaign which Woodward described as "very disappointing" when addressing investors following the publication of quarterly accounts in May.
The absence of Champions League football this season is worth a minimum £25m, and probably at least £10m more, meaning that the Moyes regime cost the club in the region of £50m compared to the heights usually reached under Sir Alex Ferguson.