Glazer's interest 'hurting' United

Manchester United chairman Sir Roy Gardner admitted today that Malcolm Glazer's continued pursuit of Old Trafford is unsettling the club.

Glazer has finished assessing United's books and is expected to formally launch his long-awaited £800million takeover in the next week.

This morning, as the club revealed a 53 per cent drop in profits to £12.4m for the six-month period ending 31 January, Gardner blamed the American tycoon for creating an atmosphere of uncertainty.

He said: "The first half of this financial year has been dominated by speculation about a possible offer for the Company from the Malcolm Glazer Family Limited Partnership ('Glazer').

"The process of dealing with our third offer period in the last 12 months has been disruptive to the smooth running of the business, creating considerable uncertainty for all our stakeholders.

"I am pleased to note that the team and our staff at Manchester United have continued to perform in a highly professional manner despite the speculation."

United's serious profit fall, down from £26.8m for the same six-month period last year, is likely to make the club more susceptible to Glazer because his 300p-ashare offer will look more attracive to shareholders.

Although turnover only dipped slightly from £92.4m to £91.6m, Wayne Rooney's £27m signing from Everton, a £5m increase in wages and a £9.5m drop in revenue from television, led to the decline in profits.