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Manchester United saw a 20 per cent drop in operating profit from £58.3m to £46m for the 11 months to 30 June. Group turnover fell from £169m to £157.2m and pre-tax profits fell from £28m to £10.7m. Media revenues were particularly hit with the club's share of Champions League television money falling by £7.7m and BSkyB revenue falling by £7.5m. £6.6m was incurred in expenses relating to the Glazer takeover, initially resisted by the club. £2.2m was paid out in agents' fees, of which £1.5m related to the acquisition of Wayne Rooney. Financial results are unlikely to improve this season after the club failed to make the knockout stage of the Champions' League. However, 8,000 extra seats will be available in Old Trafford from the end of 2007 and this is expected to boost revenues. Now that the club has gone private it will not be obliged to release such detailed financial information in future.
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