Manchester United: No need for lots of signings says new chief

Manchester United boss Sir Alex Ferguson

Incoming Manchester United chief Ed Woodward says there is no need for "a major retooling" of the Premier League champions.

Manager Six Alex Ferguson had spoken of a planned summer recruitment drive.

But Woodward, who will replace David Gill in July, said: "There's incredible depth. We could put two first teams out with 11 internationals in each.

"We have a young squad, each now a year older. We're very comfortable with the make-up of team and squad."

Last week, Ferguson responded to questions about a link with Borussia Dortmund striker Robert Lewandowski by claiming he would always find room for quality additions to his squad.

But despite releasing impressive financial figures on Thursday, which showed year-on-year turnover for the first nine months of the financial year has risen 13.1% to £278.1m, despite not including the new £120m, eight-year sponsorship deal with AON, Woodward said the club had no intention of making dramatic changes.

"I wouldn't expect there to be a major retooling of the squad," insisted Woodward, who will retain his title of executive vice chairman when he assumes out-going chief executive Gill's responsibilities.

"It has been a phenomenal season. We are a long way ahead in the Premier League and, whilst I wouldn't describe the way we got knocked out of the Champions League as luck, things could have gone differently in that game."

Woodward, 40, is a former investment banker who joined United in 2005 and has mainly concentrated on managing the club's vast debt and maximising income.

United's broadcast and matchday sectors have increased 21.7% and 34% on the corresponding three months in 2012, whilst gross debt now stands at £367.6m, still a vast sum but a decrease of 15.9% since 30 June last year.