Profits take a dive at Man Utd

RISING wages for players and declining media revenues took their toll at Premiership football club Manchester United. First-half profits more than halved to £12.4m, reflecting a new television deal and a fall in revenue from European matches.

The club has also spent heavily on new players such as Wayne Rooney, Gabriel Heinze and Alan Smith. It is widely expected to receive another takeover proposal from Malcolm Glazer, the American billionaire owner of the Tampa Bay Buccaneers American football team who already owns 28.1% of United's shares.

Man Utd today admitted that the first six months of the year had been 'challenging' and said that Glazer's attentions had made the situation even harder to manage.

Chief executive David Gill said: 'A challenging first half to the year was made even more difficult by the continued speculation surrounding a possible offer for the company. Our aim is to continue to grow the business despite the tougher market conditions.'

Fans have vigorously opposed Glazer's plans to take over the club but the tycoon is pressing ahead and has made a fresh offer to shareholders John Magnier and JP McManus, whose support ? and 28.9% stake ? is crucial to the outcome of his bid.

In February the club's board rejected Glazer's latest proposal despite admitting that the suggested price of 300p a share, which values Man Utd at £800m, was fair. The club has since opened its books to the tycoon and fans now believe that a fresh bid could be on its way.

Man Utd's £12.4m profit was down on the £26.8m achieved in the same period a year ago. The club said that strong match-day and commercial revenues largely offset the fall in media revenues, giving the group turnover of £91.6m, down from £92.4m. Shareholders receive a half-time payout of 1.325p, up from 1.25p.

Separately, Wayne Rooney's girlfriend Coleen McLoughlin has shot into the top rank of a list of the world's sexiest women. The 18-year-old, recently named as the surprise subject of a Vogue photoshoot, did not even make it into last year's top 100.

Now she is set to join the likes of Hollywood actresses Halle Berry and Angelina Jolie in the top 25 of this year's men's magazine list. Famous for the amount of cash she spends on designer clothes, the budding actress is neck and neck with Jude Law's fiancee Sienna Miller.