Failure to qualify for European competition next season will cost English soccer club Manchester United more than 30 million pounds, Executive Vice-chairman Ed Woodward said.
Woodward said the club would make an announcement "in due course" on the team's new manager, after the dismissal of David Moyes before the end of his first season, and remains active in the player transfer market.
Speaking to financial analysts, Woodward also said United remained in discussion with a number of groups about a new kit supply deal for when Nike's contract expires next year.
Earlier, Manchester United reported a 60 percent increase in quarterly profit, saying it had the financial muscle to improve its squad after a poor season on the pitch.
There was no word from the club, owned by the American Glazer family, on the identity of a new manager after the departure of David Moyes last month following a failed first season in charge.
"Everyone at the club is working hard to ensure the team is back challenging for the title and trophies next season," Woodward said in a statement.
Woodward added that 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.
Revenue in the three months to March rose 26 percent to 115.5 million pounds ($194 million) and operating profit reached 40 million.
For the year as a whole, the club stuck to its forecast for revenue of between 420 and 430 million pounds and EBITDA (operating profit) of 128 to 133 million.
United, English champions a record 20 times, are set to confirm Dutch national team coach Louis van Gaal as their new manager, according to media reports, after Moyes was ousted.
Moyes had been picked by his predecessor Alex Ferguson, who had become the most successful manager in British soccer in his 26 years in charge, but his performance fell short and the club faces heavy spending on new players in coming months to compete better next season.
United finished only seventh in the 20-team Premier League in 2013-14.