Ed Woodward said he expects Manchester United to be challenging for major honours again next season on the day the club announced that revenue fell by over £20million for the first three months of this year compared to 2014 financial results.
United's latest figures showed that overall revenue for the quarter up to March 31 was £95million, which is down 17.7 per cent year-on-year from the £115.5m from last year largely as a result of their failure to qualify for the UEFA Champions League.
However, commercial revenues were up by 11.7 per cent to £47.8million, thus emphasising the global appeal the club still holds.
United executive vice-chairman Woodward praised the work of manager Louis van Gaal in all-but getting United back in the Champions League for the 2015-16 campaign, but is eager for honours after two seasons without a major trophy.
"As the season approaches its conclusion, we are pleased with the team's performance in Louis van Gaal's first season as manager and are well positioned to achieve a top four finish in the Premier League and to return to European football next year," Woodward commented in a statement accompanying the release.
"As we look forward to next season, on the playing side we expect to be challenging for trophies in all competitions and on the commercial side we are excited by the numerous opportunities for further growth."
United, who are fourth, host third-placed Arsenal at Old Trafford on Sunday and can leapfrog their opponents with a win, albeit Arsene Wenger's men still hold a game in hand.
