Manchester United has reported a sharp 48 per cent rise in annual profits largely due to the sale of players, while keeping player wages below its target of 50 per cent of turnover.
Manchester United reported pre-tax profits of £32.3 million sterling for the year to July 31st compared with forecasts of around £31.5 million.
Profits were boosted by player trading profit of £17.4 million after a previous year profit of £2.2 million, due mainly to the sale of Dutch defender Japp Stam and forwards Andy Cole and Dwight Yorke.
The club said player wages took up 48 per cent of group turnover for the year after 39 per cent for the previous year.
In March, the club warned that after reporting a nearly 80 per cent leap in first-half profits, this rise would not be repeated in the second half sue to soaring player wages, which rose some 40 per cent in the six months.