Manchester United announced earnings of $139 million, which represents a 10 percent decrease for the first quarter of the 2014/15 fiscal year.

In transfer fees alone, the club spent over $200 million this past summer.

The drop in earnings can be attributed to the loss of TV revenue from not playing in the Champions League, plus missing out on a payment from Nike for failing to qualify.

“We are not looking to enter the market for short-term fixes,” Woodward said.

“However, we have targets that we are looking at for next summer. Should any of them become available in January, which is obviously rare, we will consider acting. But I think in terms of expectation-setting, we all need to recognize that is a low probability.”