Manchester United's executive vice-chairman, Ed Woodward, has confirmed that failure to qualify for the Champions League will result in an expected revenue shortfall of around £35m, the club adding that compensation paid to David Moyes will be a figure of "single-digit million pounds".

United reported record revenues for the third quarter of the financial year on Thursday, up 26% to £115.5m, but also revealed that staff costs had increased 18.9% to £53.4m because of the acquisition of new players and negotiation of new contracts. Juan Mata cost the club £37m in January while Nani and Adnan Januzaj have agreed new deals.

United are set to appoint Louis van Gaal as David Moyes' successor early next week, with Woodward saying an announcement on the managerial change will be made in "due course".

The financial report stated that United's overall debt is down 4.3% at £351.7m and Woodward hopes that summer signings and a new manager will see the club return to the Champions League for the 2015-16 campaign. United are set to make an increased bid of £30m for the Southampton left-back Luke Shaw.

"The 2013-14 season concluded last weekend and we finished a very disappointing seventh," Woodward told a conference call. "We're now focused on bringing in a new manager who will help Manchester United return to the top of English football and challenge in Europe. We expect to make an announcement in due course. In the meantime we continue to be active in the transfer market.

"The club's expectations, and you will see this reflected in the transfer market, and what we've recently done from a managerial perspective – our aim absolutely is to get back into the Champions League.

"We estimate that the isolated impact … of not qualifying for European football will be in the mid-30 millions of pounds. This includes a 15% reduction in the price of executive facilities next year."

When asked by an American investor about Moyes' compensation package, understood to be in the region of £4m‑5m, a United official said: "We're expecting that to be single-digit million pounds."

Woodward, who claimed that Manchester United are "so far away from being a mature business", also confirmed that a new kit deal is progressing and that season tickets for next season are currently "selling well".

United's broadcasting revenue for the third quarter was £35.6m, a 64.1% increase, and Woodward claimed the new Premier League TV deal would soften the financial blow of their European absence.