Manchester United: Ed Woodward commits to squad rebuild in latest financial results

United have endured a difficult season on-the-pitch but remain in contention to return to the Champions League

Ed Woodward has committed to continuing the rebuild of the Manchester United squad, overseen by manager Ole Gunnar Solskjaer, following the release of the club’s latest financial results.

United have endured a difficult season on-the-pitch but remain in contention to return to the Champions League next season, with Solskjaer’s side currently fifth in the Premier League.

The club’s revenues have fallen by approximately £40m over the last six months, when compared to the same period last year, due to last season’s failure to qualify for Europe’s top club competition.

However, back-to-back league victories, the arrival of major signing Bruno Fernandes in January and Manchester City’s Uefa ban have boosted United’s hopes of a Champions League return.

Woodward believes the “foundations” of United’s rebuild are now in place and said the club will continue to implent their transfer plans with Solskjaer at the helm.

“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’s executive vice-chairman said in a statement.

“We have continued to make progress on our squad rebuild, with many changes in terms of players that we have brought in and players that have come through our academy.

“The foundation for delivering the long-term success that we are all working towards is in place as we implement our plan and our footballing vision with Ole.”

Woodward later told investors that he believes United are heading “in the right direction” under Solskjaer’s management and promised to suppot him during the summer market.

“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 who we have brought into the club; and academy graduates that we have brought through to the first team,” he said.

“Despite being linked in the media to 111 players in January, our acquisition of just one of them – Bruno Fernandes – is an important step in that direction, demonstrating our commitment to adding experienced, world-class recruits to the exciting crop of academy graduates that are at the heart of this developing team. We will take the same planned, disciplined, approach this coming summer.”

Woodward 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... While we still have much to do, we are progressing with confidence in the right direction.”