United profits slashed
By James Pearson
Last Updated: 01/01/70 1:00am
Manchester United's half-yearly profits are down by over 50 percent.Manchester United have announced half-yearly profits of £28.4 million before depreciation and player amortisation.
The figures are the Old Trafford club's worst interim results in five years, with profits having dropped a massive 53.7 percent.
The news is sure to alert American tycoon Malcolm Glazer, whose 300 pence per share bid for the club may be of interest to the shareholders.
United's shares currently stand at 267 pence before the open of the London Stock Exchange on Tuesday morning.
The drop in financial fortunes for the world's richest club is attributed to their early UEFA Champions League exit and latest Premier League television deal.
United also invested heavily in the period up to January 31 this year, with Sir Alex Ferguson bringing in Wayne Rooney, Alan Smith and Gabriel Heinze last summer.
The trio have been key acquisitions for The Red Devils, although Chelsea still top England's top-flight with a lead of 11 points."We explained that, with the new media deals, that the profits would be down. We were aware of it and we planned for it," United chief executive David Gill told Sky Sports News.
"We were in line with City expectations. If you look at the things within our control, they are well on track.
"The Premier League deal was beyond our control. We have a robust plan for growth and we aim to deliver it."
Meanwhile, Gill hinted Glazer's bid, while lucrative, is not in the best interests of the club and is not under consideration.
"It's too aggressive [Glazer's bid] and not in the best interests of Manchester United," he continued.
Gill also conceded that Northern Ireland international Roy Carroll may have chosen to leave The Red Devils on a free transfer this summer.
"It looks like Roy has decided to leave on a free transfer in June," he concluded.