Manchester United chief Ed Woodward has defended his transfer work.

Pressed by investors over why United languish in fifth place when Leicester City sit top of the Premier League with a team assembled for £22m, Woodward insisted the two clubs are operating in different markets and that he will continue to shop for world-class talent.

He said: "Leicester are a fantastic reference point for everybody this year.

"The philosophy we have is to target quality of players based on the huge amount of scouting that we do and analysis within the training ground. Then we do our best to do the best deal we can.

"Some players are bought by other clubs with an eye to them developing into something special in a few years' time, where there is a bit more pressure on the bigger clubs to bring in players who hit the ground running and are verging on world-class almost immediately.

"There is a slightly different market in which people are buying."