Manchester United brace for fall in revenue, but Ed Woodward gives his backing to Ole Gunnar Solskjaer

Manchester United are bracing themselves for their first annual revenue fall for the first time in five years after their failure to qualify for this season's UEFA Champions League – but are backing manager Ole Gunnar Solskjaer to rebuild the club. Executive vice-chairman Ed Woodward called for patience after the 20-time English champions also forecast a drop in profit for 2019-20 and said the club was building for long-term success. "Returning to the roots of our club's ethos of youth-led attacking football is the right way forward," Woodward said on Tuesday. United's history is sprinkled with squads built around young talent, most notably under Matt Busby in the 1950s and 1960s and Alex Ferguson's class of 1992, which included the likes of David Beckham and Ryan Giggs. The team endured a turbulent 2018-19 season that prompted the departure of manager Jose Mourinho before finishing sixth in the league under former United striker Solskjaer. "We and the fans demand success and that means winning trophies. That standard has never changed for Manchester United," Woodward said. "It is important we are patient while Ole and the team build for the future." United have made a stuttering start to the new season and sit eighth in the table after six matches. Despite a couple of big-money signings – most notably making English centre-half Harry Maguire the most expensive defender in history – the club has been forced to rely more heavily on its youth system. United had seven academy graduates in the squad during Sunday's 2-0 defeat against West Ham . Woodward, a former investment banker who advised the American Glazer family on its takeover of United in 2005, said the club is reviewing its structure amid increasing calls for the appointment of a technical director to oversee player recruitment and contract negotiations. Woodward has come under fire as several big-money signings and a trio of managers have underperformed since Ferguson's retirement in 2013, the last time United won the league title. The club, which has suffered a more than 7 per cent drop in its share price this year, also stands to lose ground to European rivals off the field. Spanish giants Barcelona last week reported €990 million (Dh4 billion) in turnover for 2018-19 and expect to surpass €1bn this year. Domestic rivals Manchester City and Liverpool are also breathing down United's neck. "Everyone at the club, the board, the manager, the squad and all the staff remain resolute in our desire to get Manchester United back to the top of English football," Woodward said. Revenue for United's 2019-20 financial year was forecast at between £560m and £580m, down from 2018-19's record £627.1m reported on Tuesday . The club said Kantar data showed its global fan base had increased to 1.1 billion followers and that it expects 2019-20 core profit of £155m to £165m, down from £185.8n.

Manchester United brace for fall in revenue, but Ed Woodward gives his backing to Ole Gunnar Solskjaer

Failure to qualify for this season's Champions League is expected to cost club between £40m and £60m