(Reuters) - Manchester United executive vice-chairman Ed Woodward says this summer's transfer window is an "important opportunity" for the club to build a squad capable of challenging for the Premier League and Champions League.
United, who last won the league in the 2012-13 season, are currently eighth after 25 matches, six points behind fourth-placed Chelsea in the final Champions League qualification spot.
The club added one permanent signing in the January transfer window in midfielder Bruno Fernandes but Woodward said more funds would be available to manager Ole Gunnar Solskjaer at the end of the season.
"Our recruitment process focuses on analysis and selection of players over the course of a season, with a view to the following summer transfer window," Woodward said at a recent fans forum at Old Trafford.
"As part of the rebuild we see this coming summer as an important opportunity.
"It is the overwhelming priority of everyone at the club to get us back to regularly challenging for Premier League and Champions League titles."
United's transfer activity has come under attack in recent years but Woodward defended the club's recruitment strategy.
"There has been extensive work on our recruitment process, with considerable investment in scouting, data and analytics," he added.
"Our focus is on bringing in a combination of experience and the best young players with potential to develop further, fusing graduates from our academy with high-quality acquisitions."
(Reporting by Hardik Vyas in Bengaluru; Editing by Peter Rutherford)