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Man Utd's Profits Down (lets all say 'aww')
| quote: | from skysports.com
Manchester United have confirmed profits of close to £60 million for the last financial year.
The Red Devils have unveiled an operating profit of £58.3 million for the year ending in July.
The figure is a 5.9 percent increase for United, who made £55.1 million profit the year before.
Profits before tax, however, were down over £10 million to £27.9 million from £39.3 million.
United chief executive David Gill explained that the lack of income from player sales was the main reason in the profits down-turn.
"The main reason for the turnaround in profits is the player trading line," Gill told Sky Sports News.
"In 2003 we had the benefit of the sale of David Beckham and this year we had losses due to the departure of Fabian Barthez and Diego Forlan, which were partially off-set by the sale of Nicky Butt - so there is a turnaround there.
"We have to be happy though as it shows the resilience of our performance."
Gill and United also warned the stock market that profits could again be down next year.
"The impact of the new Premiership contract will show a drop in our television revenue next year," he continued.
"Media revenues will take a hit but other areas of the business are showing good signs.
"I think we have to be proud of our financial performance and I still think we are one of the most attractive clubs to do business with and follow.
"We have spent £50 million on players since January this year and we have acquired Wayne Rooney which shows we have got the firepower.
"I don't want anyone to think Manchester United is on a downward spiral."
Gill also underlined the club's commitment to manager Sir Alex Ferguson who is now on a one-year rolling contract.
"He is very committed - he is motivated, we have brought back Carlos Queiroz and there is no issue. Sir Alex is fit and hopefully he will continue for many years to come," he said.
"He has signed a new deal and that is our focus, to give him the resources and the tools to continue the success he has achieved."
The United supremo also confirmed that meetings would be held with the two leading investors in United - Irish racing tycoons John Magnier and J.P McManus and American Malcom Glazer.
"We are going to meet with the representatives of Mr Magnier and Mr McManus now the results are out and similarly with the Glazer partnership," he said.
"I think our relationship with both major shareholders - nearly 50 percent between them - is good and we will explain to them the performance of the prior year and how we see the club going forward, what issues there are and our strategies for doing it."
Gill denied that either Cubic Expression (Magnier and McManus) or the Glazer Partnership, had shown a desire to takeover the club.
"No not at all, no," said Gill.
United have again confirmed monies paid to agents, including £500,000 to leading agent Pini Zahavi for getting Juan Sebastian Veron a move away from the club.
"If we didn't think it worth it then as a board we wouldn't of spent it," said Gill. |
awwww those poor mancs, only making a profit of 60 million, whatever will they do next - maybe launch some new kits and monopolys in continents they haven't already tried 
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