Manchester United executive vice-chairman Ed Woodward insists Red Devils should be challenging for major honours

Woodward (right) expects United to challenge for big trophies. Photo: PA

Manchester United executive vice-chairman Ed Woodward insists the club should be challenging for major honours.

Speaking to shareholders following the announcement of United's second-quarter results, Woodward said the performance of David Moyes' side in the Premier League so far this season has been "disappointing".

However, he said money would be made available to Moyes to strengthen his squad in the summer, with the likelihood that the club would spend far more than normal to rectify the situation.

"The long-term strategy is to build a competitive squad that can challenge for trophies," said Woodward.

"We have the ability to do that. We can buy players to compete at the top level, which is what we should be doing."