Man Utd fans in dark

WHAT is Manchester United worth without a bid? The 35,000 shareholder-fans are left wondering after US tycoon Malcolm Glazer, who owns 16.7%, said he had 'no current intention' of making an offer, though he has Takeover Panel permission to keep his options open.

The shares, up more than 50% since last summer on bid fever, firmed 2p to 250p as cost cuts raised interim pretax profits 32% to £26.8m on flat sales. Dividends doubled to 1.25p.

The early exit from this year's Champions League will hit the second half. The last three knock-out rounds are worth some £4m each. Losing the Premiership crown would cut next year's take. The club promises not to bid recklessly for new players. This year's acquisitions cost £30m, while player sales raised £17m.

But United has net cash of £23.5m and Vodafone sponsorship of £8m a year.

The shares look expensive on 30 times likely earnings. The club is valued at £640m, more than four times annual sales. League leader Arsenal is valued at £109m including debt. That is just 90% of sales. Arsenal shares are thinly traded on the junior Ofex market. Newcastle (unchanged at 40 1/2p) is valued at £113m including debt, or 120% of sales.

ManU has a bigger brand and 'trophy' status. But £640m is an expensive trophy. And how profitable are those fans? First-half merchandise sales were flat. Group turnover has doubled since 1997, but Newcastle's has grown faster and Arsenal's has nearly quadrupled.