Manchester United today posted a 20% fall in profit, hit by a drop in television revenues from domestic and European games, but it reclaimed the title of the world's richest soccer club.
United, bought by US tycoon Malcolm Glazer last year, said operating profit before goodwill and exceptional items fell to £46m sterling in the 11 months ended June.
The performance was enough for the 128-year-old club to say it was once again world soccer's biggest earner although its revenue fell to £157.2m from £169.1m. Last July, Real Madrid said it had taken the title although it is difficult to make a direct comparison between the clubs' financial performance.
'The Glazer family welcomes the restoration of United's position as the world's richest club,' a spokesman for the Glazers said.
United said in a statement that revenues from television deals fell over £14m to £48.4m. United said it paid £2.2m in agents' fees, including £1.5m to Wayne Rooney's agent following the England striker's £27m move from Everton. This was down from the £5.5m paid out in fees the previous year.
'This information will undoubtedly add to the debate into the transparency of the role of agents and the level of their fees,' the club said. United said that in the future it may not disclose how much it pays agents.
United was pressured into disclosing agents' fees during a dispute with former Irish shareholders John Magnier and JP McManus, who sold their stake to Glazer.
The Glazer family took full control of United after the end of the 2004/5 financial year.
The drop in profit may unsettle fans of the club, concerned over its sizeable debt as a result of the takeover and a relative lack of on-field success. Debt levels or repayments by the Glazer family were not reflected in the latest published figures.
The club was dealt a further financial blow in November when shirt sponsor Vodafone announced it was terminating a £9m a year deal with United at the end of the 2005/2006 season - two years early.
Manchester United said it had adjusted its reporting period to correspond with player contract cycles which typically end in June. It said the effect of the change was negligible because little money is earned during July.
