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Ed Woodward says Manchester United will never be satisfied until they are back winning trophies again.
United have gone three years without a trophy, their longest spell without silverware for more than three decades.
Executive vice-chairman Woodward was speaking on the release of United's year-end financial results, which showed the full impact of the coronavirus pandemic on their revenues.
United lost almost double what they were expecting, as a result of Covid-19, with their net debt up to £474.1m from £203.6m a year ago.
"On the field, we will never be satisfied at Manchester United unless we are winning trophies," said Woodward.
Woodward insists he will not be satisfied until United are back winning trophies
(Image: Getty Images)
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"But our third-place finish in the Premier League and strong cup runs last season showed that, while there is more hard work ahead and the path is not always smooth, we are making progress.
"We have a clear strategy under Ole Gunnar Solskjaer to build a successful, committed team, with a core of home-grown talent blended with high-quality recruits, that plays fast flowing, attacking football.
"To that end, we are pleased with our recent additions to the First Team squad of Donny van de Beek and Alex Telles, two players we had been tracking as part of our recruitment process for a long period, and Edinson Cavani, a top striker who adds a new option to our forward line.
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Manchester United are looking to plot their path back to the top. Ole Gunnar Solskjaer has already brought in Donny van de Beek but Jadon Sancho remains Manchester United's number one target.
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"We also welcome Facundo Pellistri and Amad Diallo, who will join in January, two exciting young prospects who have also been scouted extensively.
"Added to the arrival of Bruno Fernandes earlier this year, these recruits underscore our continued commitment to strengthening the squad and take our net investment in new players since summer 2019 to over €200m – more, I believe, than any other major European club over that time period."
On the impact of the coronavirus pandemic on United's finances, Woodward said: "We are looking back today on what has been one of the most extraordinary and challenging seasons in recent history.
"There are still big challenges and uncertainties ahead as the coronavirus pandemic continues to disrupt our way of life across the globe.
"This disruption is clear to see in the financial results that we are announcing today and we expect the impact to remain visible for quite some time to come.
"However, the past year has also demonstrated the underlying strength and resilience of the club and the meaningful impact the club can make in our communities through this period of adversity."