Solskjaer is embarking on a major rebuild at Old Trafford after United finished sixth in the Premier League table and executive vice-chairman Woodward has suggested the club will be able to provide the necessary financial backing to improve the squad ahead of next season.
“After a turbulent season, everyone at Manchester United is focused on building towards the success that this great club expects and our fans deserve,” Woodward said, as United announced their third quarter financial results on Thursday.
“Preparations for the new season are underway and the underlying strength of our business will allow us to support the manager and his team as we look to the future.”
United finished 32 points behind champions Manchester City and, more significantly, five points off the top four to miss out on a place in next season’s Champion League.
Solskjaer started his reign with 14 wins from his first 17 games but ended the season with just two victories from the final 12 games.
It has increased the pressure on the Norwegian just two months after he was appointed as Jose Mourinho’s permanent successor but Woodward has insisted the 46-year-old has his backing.
“While the last few weeks were disappointing, we are delighted to have confirmed the appointment of Ole as our manager on a three-year contract and to have confirmed that key members of the coaching team.”