Manchester United have announced the club’s net debt has risen £73.6m to £391.3m and have backed Ole Gunnar Solskjær to implement “our footballing vision”.

The net debt increase is published in United’s Q2 financial results that also document how broadcast revenue for the quarter showed a decrease of £39m – 37.6% – due primarily to not competing in the Champions League this season. Total revenues were also down, by 19.3% to £168.4m.

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Regarding the net debt increase it is understood this was primarily because of investment in players and that the club view the figure as manageable and that the gross debt remains the same. The results are for the three months to 31 December 2019, since when United have bought Bruno Fernandes for an initial £46.5m.

The backing for Solskjær came from Ed Woodward and suggests the club intend to retain the manager for next season unless there is a serious downturn in results.

“We are pushing for a strong finish in the Premier League, the Europa League and the FA Cup as we enter the final third of the season,” the executive vice-chairman said. “We have continued to make progress on our squad rebuild, with many changes in terms of players that we have brought in and players that have come through our academy.

“The foundation for delivering the long-term success that we are all working towards is in place as we implement our plan and our footballing vision with Ole.”

United are in fifth place, which is expected to secure Champions League football for next season unless Manchester City have their two-year Uefa ban overturned.

Woodward said: “Despite being linked in the media to 111 players in January, our acquisition of just one of them – Bruno Fernandes – is an important step in that direction, demonstrating our commitment to adding experienced, world-class recruits to the exciting crop of academy graduates that are at the heart of this developing team. We will take the same planned, disciplined, approach this coming summer.”

Woodward said the club had also “made a number of exciting youth acquisitions” in the past year and said: “Our academy graduates have contributed over a third of first-team playing minutes this season and over half of our goals … In summary, while we still have much to do, we are progressing with confidence in the right direction.”

In a conference call to investors, Woodward refused to comment directly on City. “What I do see is a strong commitment from Uefa to ensure FFP continues to deliver benefit it clearly has,” he said.