Manchester United‘s Ed Woodward has revealed the club are budgeting for a third-place finish

AS Ryan Giggs assures that Manchester United have not abandoned their values, the club declare they are budgeting to ‘finish third’ this season.

BURNLEY, ENGLAND - AUGUST 30: Assistant Ryan Giggs of Manchester United talks to Manager Louis van Gaal of Manchester United at the end of the Barclays Premier League match between Burnley and Manchester United at Turf Moor on August 30, 2014 in Burnley, England. (Photo by Mark Thompson/Getty Images)

MANCHESTER United executive vice-chairman Ed Woodward has revealed the club are budgeting for a third-place finish in the Premier League this season.

Woodward made the comments while speaking on a conference call to investors following the release of the club’s latest financial figures, which showed record annual revenue of £433.2m but a drop in profits of 84% for 2013/2014.

RECORD REVENUES FOR UNITED DESPITE MEDIOCRE SEASON

Louis van Gaal was brought in to replace David Moyes after a disastrous 2013/2014 campaign in which United finished seventh in the Premier League and failed to qualify for the Champions League for the first time since 1995 but, despite a poor start to the current season, Woodward remains upbeat.

Louis van Gaal with his prized signing.

“We assume third [place] in our budgets,” he said when asked about the Reds’ expectations for this season.

United splashed in excess of £150m on new arrivals this summer - but Woodward confirmed further funds would be made available if Van Gaal wants to add more players in January.

“We will continue to monitor, together with Louis, his view of the squad and continue to make assessments as to which areas of the squad we want to strengthen and, by extension, which areas we would look to sell,” Woodward said.

Luke Shaw.

“We feel like we’ve got to a level now where we’ve got a stable number back in the squad. We guided that usually three in, three out is par for the course every year and those typically are in the summer.

“But as we’ve demonstrated, if there is a willingness from the manager to do something, we will engage with him and see if there’s something we can deliver.

“If January is the opportunity then you have to take it when it comes like we did last year with Juan Mata.

“The 2013/14 season was a very challenging and disappointing one. But under Louis [van Gaal] there is a real feeling at the training ground that we are at the start of something special.

“I’m confident with Louis as our manager, with a clear philosophy and a reinvigorated squad; we will get back to challenging for the title and trophies.

“His track record for delivering top level teams speaks for itself. We’ve had an excellent summer having signed Angel Di Maria, Daley Blind, Luke Shaw, Ander Herrera, Marcos Rojo and Radamel Falcao on a one-year loan.”

Daley Blind.

Woodward also highlighted the growing market for football in the US and revealed this is an area where United see enormous growth potential.

Meanwhile, despite the excessive spending, Ryan Giggs has moved to reassure Manchester United fans that the club’s commitment to youth development remains intact.

YOUTH v SPENDING: HAS UNITED LOST ITS SOUL?

Van Gaal’s spending spree was followed by the sale of Academy graduate Danny Welbeck, the England forward, to Arsenal suggested a change of priorities.

United have fielded at least one homegrown player in every matchday squad since 1937 but that record may be threatened under Dutch boss van Gaal.

Giggs is one of the greatest players ever to emerge from a United youth system and did so under Alex Ferguson, the boss who oversaw the celebrated Wales star’s career in the 1980s and 1990s. He, on Wednesday, said the commitment to homegrown talent was woven into the fabric of Old Trafford.

Members of United’s famous class of 1992.

“The club will never change,” Giggs, now assistant to van Gaal, said.

“The history of the club is to play exciting football, always give youngsters a chance, keep to the traditions of the club,” he added.

“Okay Danny has left, which is obviously disappointing because you never want to see a homegrown player leave, but this is a manager (van Gaal) who gave (Clarence) Seedorf his chance, (Patrick) Kluivert his chance, (Andres) Iniesta his chance, Xavi, Thomas Muller - he has got a track record of giving youngsters a chance.

“Tyler Blackett has played every game this season. Underneath (Robin) Van Persie and (Wayne) Rooney you have got (Adnan) Januzaj, James Wilson.

“Players will leave but we have got to make sure young players come through because United fans demand it. I want to see young players come through.

“That has been (the case) right through the history of Manchester United and we never want to lose that.”

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Originally published as Manchester United‘s Ed Woodward has revealed the club are budgeting for a third-place finish