Manchester United finished sixth in the Premier League this season.
“The strength of our business means we have the financial resources to continue to provide backing for the manager and creating success on the pitch,” said Woodward.
“This as ever remains our number one goal.”
Ole Gunnar Solskjaer the Manchester United coach took over as caretaker United boss in December after sacking of Jose Mourinho and the club went on 11 games without defeat but losing 1.
nevertheless, after the Norwegian was nominated on a permanent basis in March, his side’s form flattened and they finished five points off the top four having won only two of their last nine games.
Solskjaer, whose side were 32 points adrift of champions Manchester City, has said it will “take a long time” for Manchester United to go for the Premier League title again.
Manchester United club won their last title in 2012-13, in Sir Alex Ferguson’s season, although it is now two seasons without a trophy after the Europa League and League Cup triumphs in 2016-17.
“While the last few weeks were disappointing, we are delighted to have confirmed the appointment of Ole as our manager on a three-year contract,” said Woodward.
“Everyone at the club – the board, the manager, the squad and all the staff are resolute in our desire to get United back to the top of English football, we continually look to improve staff on and off the pitch to achieve this.”