Ed Woodward insists Manchester United are determined to win trophies again - despite seeing the club's finances take a dramatic nosedive due to Covid-19.

United's latest financial results reveal their net debt has more than doubled from £203.6m to £474.1m, while the total revenue for the 2019-20 season was down to £509m from £627.1m.

United state the £70m loss in revenue is due to the financial impact of the ongoing pandemic.

Operating profit has plummeted from £50.2m in June 2019 to just £5.2m in the same month of 2020, which is a reduction of almost 90 per cent.

Closing the club's lucrative megastore at Old Trafford, meanwhile, cost United another £5.8m in revenue.

Woodward is still ambitious about United's future

But despite the crippling figures, executive vice chairman Ed Woodward insists he remains determined to see United get back to the top of English football again.

United have not won the Premier League title since 2013 or any silverware since 2017, but Woodward said: "Our focus remains on protecting the health of our colleagues, fans and community while adapting to the significant economic ramifications of the pandemic.

"Within that context, our top priority is to get fans back into the stadium safely and as soon as possible.

Manchester United have had a torrid start to the Premier League season

"On the pitch, we have strengthened the team over the summer and we remain committed to our objective of winning trophies, playing entertaining, attacking football with a blend of academy graduates and high-quality recruits, while carefully managing our resources to protect the long-term resilience of the club."

Woodward, meanwhile, has confirmed United are taking a "constructive role" as part of a proposed shake-up of English football.

It emerged earlier this month that United had joined forces with bitter rivals Liverpool to put forward proposals called "Project Big Picture" aimed at reducing the Premier League to 18 teams and handing all the voting power to the big six.

United are behind some of the plans for reforms of the game

The project crashed and burned amid widespread criticism of United and Liverpool, who are now in talks with FIFA and other European clubs about forming a new 'European Super League'.

Woodward admits United want to see change and he added: "We are also committed to playing a constructive role in helping the wider football pyramid through this period of adversity, while exploring options for making the English game stronger and more sustainable in the long-term.

"This requires strategic vision and leadership from all stakeholders, and we look forward to helping drive forward that process in a timely manner."