'Due to the television deals, we estimate our loss of European football will cost us in the mid £30m.
'The club's expectations are to absolutely get back into the Champions League and you'll see it in the transfer market.'
Speaking in a telephone conference he added: 'The 2013-14 season we finished a very disappointing seventh which means we will not play European football season.
Be assured everyone at the club is working to ensure next season is to the top standards of Manchester United.
'We made a managerial change in April, we are very grateful to Ryan Giggs for holding the reins during the period and the exemplary manner he conducted the role.
'We are now focused on bringing in a manager and expect an announcement in due course.'
United announced January-March revenues of £115.5m, up 26percent. The third quarter results show debt is down 4.3percent to £351.7m.
Woodward said: 'Everyone at the Club is working hard to ensure the team is back challenging for the title and trophies next season.'
The vice-chairman was also asked about David Moyes' compensation package, revealing that it was in the 'single digit millions'.
Meanwhile, United have reported record revenues for the third quarter of the financial year which club chiefs say puts them in a good position to invest in the squad and challenge for the title next season.
The Red Devils have reported revenues of £115.5million for the quarter, up 26 per cent, mainly due to rises in income from Premier League broadcasting money and sponsorship deals.
The financial picture for United's current season looks rosy - sponsorship income rose 43.5 per cent while United's overall debt is down 4.3 per cent at £351.7million, while the cost of servicing that debt also fell - there was a £2.8million reduction in interest payable following refinancing in June last year.
Broadcasting revenue for the third quarter was £35.6million, an increase of £13.9million or 64.1%, due to increased revenue from the Premier League.
It will be this time next year however that the impact of not playing in the Champions League will be felt, though there will also be extra income from United's huge Chevrolet sponsorship deal which comes on stream next season.
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