Ed Woodward is “more confident than ever” Manchester United are “on the right track” after one of the toughest financial periods in club history.
United posted a decline in revenue to £ 494.1 million, with an operating loss of £ 36.9 million last season when they revealed their latest financial results on Friday.
In previous annual results, revenue had dropped from £ 627.1 million to £ 509 million.
The coronavirus pandemic and the lack of supporters at Old Trafford have put a strain on the club.
However, they have invested significantly to bring in Cristiano Ronaldo, Jadon Sancho and Raphael Varane and are now playing in front of a full capacity crowd.
The executive vice president believes these are exciting times for United, despite the losses.
“We said during the depths of the pandemic that the club would emerge in a stronger relative position, and I believe we are now seeing that confirmed as we build towards recovery from a very solid foundation,” Woodward said in a statement.
“We have significantly strengthened the team over the summer, with the addition of Cristiano Ronaldo, Raphael Varane, Jadon Sancho and Tom Heaton.
“These signings have demonstrated our continued ability to attract some of the best footballers in the world to Old Trafford and our unwavering commitment to helping Ole [boss Gunnar Solskjaer]bring success to the field.
“We have been clear in our strategy to build a team with a blend of top-tier recruits and local talent, encompassing a balance of youth and experience, with the goal of winning trophies and playing attacking football in the manner of Manchester United.
“Even though team building is a constant process, we are more confident than ever that we are on the right track.”