Sponsorship deals boost United profits

English soccer champions Manchester United announced that pre-tax profits, boosted by sponsorship deals, had risen 22 percent to 39.3 million pounds (65.6 million dollars) in the past year.

The publicly-listed company, valued at around 500 million pounds (830 million dollars), was announcing its first set of financial results since the departure of chief executive Peter Kenyon for Premiership rivals Chelsea. Kenyon was replaced by fellow board director David Gill.

In recent weeks United has been at the centre of speculation regarding possible takeovers, which it has played down.

The figures also showed turnover rose 18 percent to 173 million pounds which was also boosted by higher television revenues.

In April Manchester United reported a 34 percent fall in first half profits despite being boosted by more games and higher television revenues.

The club said Tuesday its financial results had benefited in the 12 months to July 31 from additional games at its Old Trafford ground - 33 compared with 27 last season - as a result of cup successes.

It also benefited from the start of a new partnership with shirt manufacturer Nike and strong contributions from the UEFA Champions League Final which was played at Old Trafford, as well as a pre-season tour to the United States.

Manchester United, whose shares have almost doubled in the past year on speculation about a takeover bid, said its relationship with Nike had seen the launch of its new home shirt in 58 countries.

More than 2.5 million replica shirts - home, away and third strip - were sold during the year with 40 percent of Nike merchandising sales made outside Britain.

Profits from the transfer market were 12.9 million pounds, down from 17.4 million pounds in 2002.

The major element was the 15.9 million pounds the club received for England captain David Beckham from Real Madrid.

This profit, together with additional receipts for the sale of Andy Cole and Dwight Yorke to Blackburn, helped offset the 4.5 million pound loss on the sale of Juan Sebastian Veron to Chelsea.

Last season United became Premiership Champions for the eighth year in 11. The club also progressed to the quarter-finals of the UEFA Champions League for the seventh successive season - a record in Europe.