Man United Profits Fall - 04/10/2004

Full year pre-tax profits at Manchester United in the year to 31 July fell from £39.3m to £27.9m. Early elimination from the Champions League and a restructuring of the competition saw fewer games played at Old Trafford hitting income. Losses on player trading also helped to drag profits down: operating profits before player trading were £51.7m (against £47.8m). Turnover for the year fell from £174.9m to £171.5m. The club also warned that its media income will be £14m lower this year because of the restructured Premier League broadcasying deal and the club's third place finish last year which will affect its earnings from the Champions League. Chairman Sir Roy Gardner said that the shortfall would have a 'significant' affect on profits. The club also revealed that they had paid £5.5m to players' agents over the past year, excluding the £1.5m paid to Paul Stretford's Proactive agency as part of the Wayne Rooney deal. £1.13m was paid to Ronaldo's agent when he was purch! ased from Sporting Lisbon and £1.2m to Van Nistelrooy's agent in connection with his contract extension. The club now claims to have 75 million fans worldwide, including 40 million in the Far East.