Man Utd reveal £12.3m profit drop

Manchester United made a profit of £46m for the year ending June 2005 - a drop of £12.3m from the previous 12 months.

United chief executive David Gill, who now reports to new owner Malcolm Glazer, attributed the fall in profits to a drop in television money.

Gill told BBC Five Live: "It's been a very profitable year for the club but, despite the drop, Malcolm Glazer is comfortable with the results."

United paid £2.2m to agents, including £1.5m to buy Wayne Rooney from Everton.

The club will officially announce United's financial results on Monday.

Gill vigorously defended the £1.5m sum paid out to Paul Stretford's Proactive group in relation to Rooney's transfer.

Alex has got the full support of everyone - I have no thoughts of a long-term replacement Man Utd chief executive David Gill

"Agents provide a service - the issue is who pays for it, the player or the acquiring club?" added Gill.

"We operate in a market for world class players and one of the costs in acquiring them is the service of an agent.

"In this particular situation, if Wayne had to pay, he would demand a higher salary. The money has to come from somewhere, it is just a reflection of the market place we are operating in."

Despite United going out of the Champions League in the group stages this season, Gill is confident the club will report good figures for next year's results.

"The forecast for 2006 is very good but I am not going to predict profits will be over £50m," he said.

"But going forward, the new stadium expansion means there will be nearly 8,000 extra seats from the start of next season and the end of 2007 is looking very positive."

Gill also reassured manager Sir Alex Ferguson that he had the club's full support, despite the team's early Champions League exit and their inability to mount a serious challenge to Premiership leaders Chelsea.

"Alex has got the full support of everyone. I have no thoughts of a long-term replacement."