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Ed Woodward boldly declared that Manchester United will challenge for the Premier League title again next season after announcing record third quarter revenues of £115.5m.

United’s executive vice chairman is planning to spend heavily this summer in a bid to revive the club’s fortunes, following a disastrous season under David Moyes.

Luke Shaw, Toni Kroos and Cesc Fabregas are all targets for in-coming manager Louis van Gaal – who is expected to be handed up to £200m to overhaul his squad.

And Woodward insisted that figures released today proved United will be able to challenge for Europe’s biggest names, despite failing to qualify for the Champions League next season.

“This puts us in a healthy financial position to continue to invest in the squad," he said. “Everyone at the Club is working hard to ensure the team is back challenging for the title and trophies next season.”

United’s revenue saw an increase of 26 percent on the previous year, while gross debt dropped 4.3 percent to £351.7m.

Broadcasting revenues increased 64.1% to £35.6m due to the improved Premier League TV rights deal.

Commercial revenue is up to £42.8m from £36m, largely due to increased sponsorship revenue.

But figures also showed that wages were up by £8.5m to £53.4m “primarily due to the impact of player acquisitions and renegotiated player contracts.”

Wayne Rooney’s new deal, which is believed to be worth £300,000-a-week will have accounted for some of that rise, along with the high-profile signings of Marouane Fellaini and Juan Mata.

But that has clearly not put Woodward off in his pursuit of more star names this summer.

The full report can be found here.