Manchester United executive vice-chairman Ed Woodward said that the club will invest in new players over the summer to challenge for titles.
Woodward was speaking in a conference call with investors after the club's financial figures were posted, showing that they are on course for £500 million annual revenue for the first time.
He was not asked about Louis van Gaal by investors and made no reference to the Dutchman, despite ongoing speculation linking Jose Mourinho with his position, although he spoke positively about the new wave of youth players that have featured in the first team.
Van Gaal looks likely to miss out on a top-four finish despite heavy investment, but Woodward described recent transfer spending as "retooling" and added: "We will always invest in the squad so we are challenging for titles."
United's revenue for the first three months of 2016 was £123.4m, up around 30 percent year on year. Their commercial revenues of £65.8m were up 37.7 percent for the quarter.
When asked about the impact of not qualifying for the Champions League, Woodward forecast an overall impact of "high single digits."
He also pointed out that there will be lower tour revenues this year because the club are playing only two games in China, which Van Gaal had requested.
Despite the loss of Champions League broadcasting revenue of a little more than £30m, they can look forward to reaping the riches of the new Premier League TV deals.
Woodward paid tribute to the youth system of the club, saying: "Three of our first-team regulars -- [Jesse] Lingard, [Marcus] Rashford and [Cameron] Borthwick-Jackson -- have been here since they were eight years old.
"We are the highest producer of academy players in the Premier League. We have won three of the last four under-21 titles, which is an impressive achievement given the number of players who have moved up to the first team."
Before the conference call, Woodward made a statement with the financial results, in which he said: "As we reflect on our season, we are delighted by the emergence of another crop of exciting, young players that demonstrate our track record of youth development.
"We are looking forward to the FA Cup final on May 21 and hopefully winning this special trophy for a record-equalling 12 times."