Missing out on European football over the coming year will cost Manchester United more than 30 million pounds, the club said yesterday, while reassuring fans it still had the money to rejuvenate its squad after a poor showing last season.

There was no word from the club, owned by the American Glazer family, on the hotly discussed identity of a new manager after the departure of David Moyes last month following a failed first season in charge.

United, English champions a record 20 times, are expected to confirm Dutch national team coach Louis van Gaal as their new manager, according to media reports, after Moyes was ousted.

The appointment could be formalised after the Dutch play Ecuador in a warm-up match on Saturday ahead of the World Cup, which starts next month in Brazil.

Speaking to financial analysts, Executive Vice Chairman Ed Woodward said the club would make an announcement in “due course” on the new manager and remained active in the transfer market.

That suggests that Woodward and Van Gaal have already discussed potential recruits to strengthen a team that finished only seventh in the 20-team Premier League in 2013-14.

“Our aim absolutely is to get back into the Champions League,” said Woodward, stressing the need to ensure that the absence from the top European competition was a one-off.

Woodward added that Manchester United had generated record revenue and profit in the three months to the end of March, despite the problems on the pitch.

“This puts us in a healthy financial position to continue to invest in the squad,” he said.

Manchester United have already been linked with a multi-million pound move for 18-year old Southampton full-back Luke Shaw, whose form this year has just earned him a call-up to the England national squad.

“We will be active in the transfer market. Deals are being done,” said Woodward, without naming any names.