Manchester United is expected to announce a 20 per cent reduction in profits when figures for the 11 months to June 2005 are released today.
Chief executive David Gill insists Manchester United has no reason to be embarrassed about revealing they paid £2.2 million sterling (€3.2 million) to agents last year.
The figures will be confirmed when United announces a 20 per cent reduction in profits to £46 million. Even though the company is no longer under any obligation to publicise such details following Malcolm Glazer's £790 million takeover, Mr Gill decided to release the figures in an effort to maintain transparency.
Today's announcement represents the first profit figures released during the Glazer era, although the 11-month period to June 2005 only covers three months of the American's time in control. Mr Gill will blame a drop in revenues from both the Premier League and the Champions League for the fall in profits.
However, from 2007 onwards, revenues from a 8,000-seat stadium expansion will start to roll into the club and there should be an increase in shirt sponsorship following the termination of Vodafone's current deal. Based on those two factors Mr Gill believes the picture will improve.
And although the club did spend £6.6million in banking and legal fees during Glazer's controversial bid for the club, Mr Gill is confident the United empire is now moving far more smoothly.
"We are still the most profitable club in the world," he said.
"There will be a knock-on effect from our disappointing performance in the Champions League this year but from 2007 onwards, the situation is looking very positive".
