You can't splash out any more, Fergie told

Gill said: 'I think Arjen Robben would have liked to come to us and we made a very significant offer for a player who was 19. Unfortunately that wasn't enough for PSV. I think we'd get into a difficult situation if we chased everything. You might be interested in three wingers, but you only need one, so if we can't get No.1, we move on to No.2.'

Gill unveiled interim profits up 32 per cent to £26.8m in the six months to January 31. United's turnover was slightly lower at £92.4m but wages fell after the sale of David Beckham. The club now has £23.5m in the bank, but insisted that the priority was in expanding Old Trafford.

United intend to extend their capacity to 75,000 by building an additional tier of seats and hospitality suites in the ground's north corners.

Gill said: 'We're very excited about the prospects for the stadium project and believe it's a sensible use of our cash. It'll deliver a further 7,500 seats, which should be on stream for season 2006/07 and take our capacity to 75,000.'

United's decision to concentrate resources on ground expansion comes within weeks of Arsenal confirming the building of a 60,000-seater ground at Ashburton Grove.

Gill was not overly concerned about the financial impact of the season. 'It does have an impact on profits,' he said. 'But for our long-term planning it's not significant because we're prudent.' The club does not budget on European success or anything higher than a fourth-place finish in the league.

Ferguson, however, is believed to be disappointed by a transfer policy increasingly focused on younger players with potentially high sell-on values such as David Bellion, Kleberson and Cristiano Ronaldo. Asked if Ferguson was frustrated by the policy, Gill replied: 'You'd have to ask him. He's never indicated that to me.'

Any suggestion that Ferguson might be tempted to Chelsea also received short shrift. He said: 'I don't think that would happen. I'd be absolutely amazed if he ever entertained that idea. Fergie's very fit, motivated and we're talking about the future.'

Gill insisted the policy was sensible given the current shortage of money in football. 'In Europe last year there were only five transfers in excess of £10m if you exclude Chelsea. The market has changed.'

Some analysts have suggested that Ferguson will be restricted to spending about £15m this summer, but Gill refused to comment. 'We'll sit down with him,' said Gill. 'It's important to note that we spent significant money in acquiring Louis Saha for £12.8m. We've acquired Liam Miller, albeit on a free transfer, but we've got his wages.'

Gill revealed that, despite speculation concerning majority shareholders John Magnier and JP McManus, there had been no requests for a seat on the board.

Meanwhile, American tycoon Malcolm Glazer, the second largest shareholder, said he had no current intention of bidding for United.