Manchester United yesterday ruled out making any big-money signings until the European Commission's challenge to football transfer fees has been resolved.

The United plc chief executive Peter Kenyon said the club would not risk spending millions on new players if there was a chance they could then walk away for nothing.

"We're happy with our squad the way that it is at the moment," he insisted. "The calibre of players we might have looked to have brought in would more than likely be cup-tied anyway."

Further investment in the club's new state-of-the-art £14 million sterling training complex at Carrington will also be put on hold until the transfer issue has been clarified. Shares in United have fallen sharply over the past few months amid the uncertainty generated by the Commission's challenge.

However, Kenyon remains optimistic that a compromise solution can be found by the end of the year. "This is an important review for Manchester United and an even bigger review for football in general," Kenyon said. "However, the discussions that we have had with the commission as a board member of the G14 leaves us optimistic that they will not abolish the system and a transfer system of sorts will be left in place."

Kenyon was speaking after United revealed a 25 per cent slump in profits for the year to July 31st, due largely to the club's failure to retain either the European Cup or the FA Cup, which they withdrew from in favour of the inaugural world club championship, and rising player wages.

United's total wage bill jumped 21 per cent to £44.7 million in a year when captain Roy Keane tested the club's rigid wage structure to the limit by negotiating a £50,000 a week wage packet.

Kenyon hopes that growth in the club's off-field interests - particularly broadcasting and merchandising - will act as a counter to spiralling wages. Turnover is at a record high of £116 million and sales of the new Vodafone replica kit range are approaching the record levels of 1995-96. Each league match at Old Trafford now generates £1.75 million, more than double the sum of five years ago.

Meanwhile, Stan Collymore was yesterday charged with violent misconduct by the English FA - on the same day Premiership leaders Leicester agreed to his transfer request. The controversial striker has been handed the charge for his clash with Everton midfielder Paul Gascoigne eight days ago on the recommendation of the FA's video advisory panel. Collymore was caught on camera appearing to stamp on Gascoigne at the end of the Premiership match and faces a minimum three-match suspension and a fine of two weeks' wages.

Earlier Leicester confirmed they had accepted Collymore's transfer request. He has almost certainly played his last game for the club. Taylor had hinted last week that he could offer Collymore (29) a lifeline at Filbert Street if he adopted the right attitude in training. But following further talks yesterday, Taylor decided there is was no place at the club for the wayward striker.

Former Celtic chief executive Fergus McCann last night took a swipe at the club. He is furious at criticism of the way he handled matters during his time at the club. In a statement, he said: "I have had my family's privacy invaded and have had them endure false and damaging attacks on my reputation in the form of articles, interviews and other publications by various individuals connected with, or claiming to be supportive of Celtic."

He said he was particularly disappointed that the club's own publications had been used against him, although he said the Celtic board had apologised and given assurances it would not recur.