Ed Woodward has said the summer transfer window represents an "important opportunity" in Manchester United's bid to build a squad capable of challenging for the Premier League and the Champions League.

United splashed out to sign Sporting Lisbon midfielder Bruno Fernandes in January and Woodward has told fans there will be more money available to manager Ole Gunnar Solskjaer at the end of the season.

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"Our recruitment process focuses on analysis and selection of players over the course of a season, with a view to the following summer transfer window," Woodward said.

"As part of the rebuild we see this coming summer as an important opportunity.

"There has been no shortage of investment in players over the past few years, with over £200 million spent since Ole became manager. Our aim is to ensure that we continue to achieve consistency in quality of recruitment.

"The recruitment department is working to a clear plan and philosophy, along with Ole and his coaching staff. Our focus is on bringing in a combination of experience and the best young players with potential to develop further, fusing graduates from our academy with high-quality acquisitions."

Solskjaer has taken his squad to Marbella for a warm weather training camp as they prepare for the second half of the season, which kicks off with a trip to Chelsea on Feb. 17.

United sit eighth in the Premier League table with 13 games left to play and face a battle to force their way into the top four and earn a place in next season's Champions League.

"The signing of Bruno Fernandes and return of key players from injury will be a boost to Ole and the squad as we head into the second half of the season," said Woodward, who was speaking at a quarterly fans' forum.

"We remain in contention in the Europa League and the FA Cup, as well as for Champions League qualification, so there is still lots to play for.

"As a club and a board, we do recognise that we are not yet where we want to be. It is the overwhelming priority of everyone at the club to get us back to regularly challenging for Premier League and Champions League titles.

"Although progress may not always be smooth, everyone across the club is focused and committed on playing their part in helping achieve those aims."