LONDON: Next season’s absence from European football will cost Manchester United more than £30m.

That estimate was revealed by executive vice-chairman Ed Woodward after aseventh-placed finish which was their worst since 1989-90.

Speaking to investors, Woodward also touched on United’s managerial vacancy, saying: “We are focused on bringing in a manager. An announcement will be made in due course.” He added the club was in “a healthy position to invest in the squad.”

Nevertheless the club had incurred a pay-off in the “single-digit” millions of pounds to David Moyes, who was appointed in May last year to succeed Sir Alex Ferguson, and the club will also have to pay off his backroom staff of Steve Round and Jimmy Lumsden.

However, Woodward also underlined the club’s intent to return United to their former status.

He said: “We will be active in the transfer market. The window is upon us and deals are being done but nothing has been announced and no committed funds.”

Holland coach Louis Van Gaal has reportedly agreed a three-year contract to replace Moyes, who was sacked in April.

Van Gaal held talks with Ryan Giggs in Amsterdam on Wednesday  and is thought to have offered the 40-year-old United player, who took charge of the team for the final few games of the campaign, the role of assistant manager.

The appointment of Van Gaal, 62, is now likely to be at some point after the Dutch play a friendly against Ecuador in Amsterdam on Saturday.