United's
hopes of retaining their Premier League title are all but over, while
last year's champions are also in danger of missing out on a top four
finish and a place in next season's Champions League.
The
club on Wednesday announced second-quarter revenue of £122.9million,
and in a statement to shareholders, Woodward acknowledged that things
haven't gone to plan on the pitch in David Moyes' first season in
charge.
However, the increase in revenue - up
11.6 per cent from a year - is set to lead to a major spending spree
when the transfer market reopens at the end of the season.
United
executive vice-chairman Ed Woodward said on a conference call: "Over
the medium term, we would expect annual net player [capital expenditure]
to track higher than our historical average as we invest in our squad."
Mr
Woodward also said he believed new business, including improved Premier
League TV contracts and new sponsorship deals, would compensate for a
loss in income should the club miss out on Champions League football.
United
are in talks with several sportswear companies, including existing
supplier Nike, about replacing their current contract that expires next
year.
Former midfielder Roy Keane believes
United need to sign up to six new players this summer if they are to
compete for silverware next season.
Moyes is
under pressure in his first season in charge at Old Trafford, but
according to Keane, former manager Sir Alex Ferguson is to blame for the
club's slump, with the former Republic of Ireland international putting
United's problems down to a lack of signings in recent transfer
windows.
"United need five or six players," Keane said of his old club.
"They've
kind of cut corners in terms of transfers in the last few years,
they've not gone out and got the big players and it has just caught up
with them this year.
"It has maybe surprised
everyone how far they've slipped behind teams but now it's a case of
rebuilding. If it happens in the summer then, instead of being fearful
of it, embrace it - it's exciting.
"These can be exciting times for United. Get them back to the very top where they belong."