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Manchester United have budgeted for a third-place finish in the Premier League this season, Ed Woodward has revealed.

The club's executive vice chairman was speaking to investors in a public conference call following the release of United's latest financial figures.

He said of the Reds' aims for the new season: "We assume third [place] in our budgets.

Woodward also refused to rule out the addition of yet more players in January, citing the signing of Juan Mata earlier this year as an example of an opportunity United could not afford to miss.

"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," he continued.

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

United's high expectations appear to be driven by their clear faith in manager Louis van Gaal, despite a disappointing start to his reign.

And Woodward heaped further praise on the Dutchman, explaining that the feeling around the club is that they are at "the start of something special" with their new boss.

"The 2013-14 season was a very challenging and disappointing one," he added.

"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.

"Commercially we continue to go from strength to strength. The record deal with adidas underpinned our attempts to compete for the next decade.