Speaking during a conference call to discuss United’s latest financial results, Woodward also told investors that an announcement about Moyes’s successor would be made “in due course”.
United are reportedly close to hiring current Netherlands coach Louis van Gaal as their manager, with British media reports claiming the 62-year-old Dutchman’s appointment could be confirmed next week.
Former Everton head coach Moyes was sacked in April only 10 months after signing a six-year contract as the successor to long-serving former United manager Alex Ferguson.
Under interim manager Ryan Giggs, United went on to finish the Premier League season in seventh place, meaning that they will not play in European competition next season.
Woodward said that not playing in next season’s Champions League will cost the club “in the mid-£30 million ($50.3 million, 36.8 million euros)” and described United’s seventh-place finish as “very disappointing”.
He also vowed that United would look to make significant investment during the close-season transfer window in a bid to return to the upper echelons of the English game in 2014-15.
“The club’s expectations — and you will see this reflected in the transfer market and what we have recently done from a managerial perspective — are absolutely to get back into the Champions League,” he said.
“We will be active in the transfer market and deals will be done.”
Woodward added that the precise amount of Moyes’s pay-off would be revealed in September.
Despite their on-pitch struggles, United enjoyed a record 26 percent rise in revenue to £115.5 million for the third quarter of the financial year.
The increased revenue was mainly due to rises in income from Premier League broadcasting money and sponsorship deals.