Manchester United executive vice chairman Ed Woodward has revealed that the club's failure to secure European football will cost it around £30m.

The Red Devils finished in seventh place in the Premier League, their worst performance since the 1989-90 season, beaten to the final Europa League spot by Tottenham Hotspur.

However, Woodward insists that United's disappointing season will not prevent the club from spending money this summer.

"We will be active in the transfer market," BBC Sport quotes him as saying.

"The window is upon us and deals are being done but nothing has been announced and no committed funds.

"Everyone at the club is working hard to ensure the team is back challenging for the title and trophies next season."

United, who are believed to be on the verge of appointing Louis van Gaal as their new manager, reported record revenue of £115.5m during their third fiscal quarter.