The 47-year-old has come under increased pressure in recent weeks following United’s dismal start to the season, which has left them languishing in 14th place in the Premier League after seven matches played.
Speculation was rife that Solskjaer would be sacked should United have lost against Everton last weekend but the Red Devils managed a 3-1 win at Goodison Park.
Mauricio Pochettino has been heavily linked with replacing Solskjaer but Woodward has confirmed that the club remain convinced in the Norwegian’s project.
‘On the pitch, while there is still hard work ahead to achieve greater consistency, we remain absolutely committed to the positive path we are on under Ole as the team continues to develop,’ Woodward said.
Woodward was speaking after United prematurely announced their quarterly results, which had been due for release on Friday.
The coronavirus pandemic has had a grave effect on football and United have been particularly hit by a severe drop in matchday income, which is a huge driver of profit for the club given their 73,000 capacity at Old Trafford.
Revenue was down 30% in the three months up to September, dropping to £109million compared to £135.4million a year earlier.
‘While the COVID-19 pandemic continues to cause significant disruption, we are optimistic that the recovery and normalisation phase is gradually coming into view,’ said Woodward.
‘The club’s resilience and our strong commercial business continue to provide a solid foundation and gives us confidence in our long-term outlook beyond the pandemic, both on and off the pitch.’