United ready to spend

MANCHESTER United chiefs have promised major investments on new transfers to ensure a return to the Champions League.

United executive vice–chairman Ed Woodward also said an announcement on a new manager would be made in due course.

It is understood the appointment of Dutch coach Louis van Gaal will not happen until next week.

Woodward told club investors the cost to United of not playing in the Champions League next season would be "in the mid–£30millions" and that there was a determination to return to Europe's top club competition.

Woodward said finishing seventh in the Premier League had been "very disappointing" and suggested missing out on Europe had led to the sacking of Moyes last month.

He said: "The club's expectations – and you will see this reflected in the transfer market and what we have recently done from a managerial perspective – are absolutely to get back into the Champions League. We will be active in the transfer market and deals will be done."

United reported record revenue of £115.5m for the quarter, up 26 per cent mainly due to rises in income from Premier League broadcasting money and sponsorship deals.