Crisis, what crisis? Struggling Manchester United post record revenues of £627m – and under-fire Ed Woodward says they WILL back Ole Gunnar Solskjaer’s ‘philosophy’ and continue rebuilding the team next year

• Manchester United have revealed their revenue for the latest financial year  
• The club have posted a record revenue of £627.1m, according to accounts 
• Chief executive Ed Woodward insists they are still committed to onfield matters 

Manchester United have posted record revenues of £627.1million for the latest financial year in yet another sign of where the club’s current priorities lie.

However, chief executive Ed Woodward insists that club is still committed to matters on the pitch and insists that winning trophies still remains the number one goal at Old Trafford.

United have endured a tough start to the season on the pitch, with defeats by Crystal Palace and West Ham in the Premier League showcasing the flaws in Ole Gunnar Solskjaer’s side.

United currently lie 10 points adrift of leaders Liverpool after only six matches.

The financial figures will do little to placate fan anguish over the club’s current onfield woes, but Woodward has sought to assure fans that matters on the pitch are of the utmost importance.

‘We remain focused on our plan of rebuilding the team and continuing to strengthen our youth system, in line with the philosophy of the club and the manager,’ he said in a statement on Tuesday.

‘This is reflected in the recent addition of three exciting first team players, key player contract extensions and the talent we have coming through our Academy.

‘Everyone at United is committed to delivering on our primary objective of winning trophies.’

Despite a significant outlay on the likes of defenders Harry Maguire and Aaron Wan-Bissaka and winger Daniel James over the summer, the inability to replace striker Romelu Lukaku has been scrutinised.

Woodward added in the club’s quarterly investors’ call: ‘We and our growing global fan-base demand success. Success means winning trophies. That target and that standard has never changed for Manchester United.

‘The progress we’ve made on the business side underpins the continued investment in the football side.

‘Much of the progress made around that investment in the academy, the recruitment department and the training-ground facilities is behind the scenes and therefore isn’t immediately apparent to those on the outside looking in.

‘These investments, together with the commitment we’ve made to Ole and his coaching staff in March have given us the building blocks for success.

‘Whilst we’re confident this investment will deliver results, it’s important that we are patient while Ole and his team build for the future.

‘We will continue to focus on the long-term strategy and won’t be influenced by short-term distractions.’

Regarding a potential director of football, Woodward said: ‘We’re continually reviewing and looking at the potential to evolve our structure on the football side.

‘Much of the speculation on this type of role focuses purely on recruitment – an area we’ve evolved in recent years.

‘As already mentioned, we feel that the players we’ve signed this summer demonstrate that this approach is the right one.’

The club, whose stock has dropped more than seven per cent this year, is also lagging behind other European clubs that have either surpassed it in terms of revenue or are quickly looking to close the gap.

Last week, Spanish giants Barcelona reported 990 million euros (£872.8m) in turnover for 2018-19 and expect to surpass one billion euros (£881m) this year, while United’s domestic rivals Manchester City and Liverpool are also breathing down their necks.