The Premier League giants came under heavy criticism for failing to sign any of Ole Gunnar Solskjaer’s primary transfer targets during the last transfer window.
They refused to pay the €120m Borussia Dortmund demanded for Jadon Sancho and were left to sign Edinson Cavani, Facundo Pellistri and Alex Telles on deadline day.
The big-spending never happened and it irked many Manchester United fans, who thought the club made good progress under Solskjaer last season.
Woodward stressed that Manchester United remain committed to spending on the squad, but conceded that the current global situation had to be a consideration while taking the decisions.
“While our commitment to investment remains”, Woodward was quoted as saying by the BBC in the Manchester United investors’ call, “it must be balanced with recognition of the extraordinarily challenging environment facing us and all football clubs at this time.
“The bottom line is we are investing and will continue to invest to back the manager.”
Manchester United have recorded a £70m loss in revenue, which is largely down to the current global situation that has eaten into the finances of even the biggest clubs in the world.