Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Manchester United chief executive Peter Kenyon has admitted the £30million transfer fee splashed out for Rio Ferdinand last summer is not likely to be matched for some time.
Kenyon today announced a 32% increase in profit before player disposals to £31.1million in the six months to January 31, with overall turnover rising 13% to £92.6million.
The figures contrast sharply with the huge losses announced by Premiership rivals Leeds and Chelsea yesterday and further emphasises their clear lead in football's financial stakes.
However, despite spending almost £80million on Ferdinand, Juan Sebastian Veron and Ruud van Nistelrooy over the past 18 months, Kenyon insisted United will not be splashing out such huge sums in the future.
And while he does not regret the British record £29.3million investment which took Ferdinand from Leeds following his excellent performances during the World Cup, Kenyon is not expecting to match it this year.
"Certainly from Manchester United's perspective we believe these kind of sums to buy players are a thing of the past and when you look at our results compared to some other clubs, it is difficult to see them having the resources to pay money like that," he said.
"Hindsight is a wonderful thing but we are now seeing transfer prices come down.
"Buying Rio was the right decision at the time and it remains so. He fitted into the right age profile and we look upon him as a long term investment. "We made the decision to buy him in light of our overall wage structure and transfer budget we set ourselves and we achieved those targets."
Even though United maintain the highest wage bill in the Premiership, at £39.7million for the six-month period in question, it still represents only 43% of their turnover, below that achieved by any of their rivals.
As a debt-free company, with stadium expansion and a new £13million academy now complete, it also looks well placed for the future, with Kenyon keen to emphasise the club's share price has outperformed the Stock Market during the period in question.
It is one of the reasons why shrewd investors such as Irish duo JP McManus and John Magnier - dubbed the Coolmore Mafia - have been buying up shares in the club. The duo's Cubic Expression company is now the leading shareholder in the club, although United officials are convinced no takeover move is imminent.
"It is neither a concern nor something to be welcomed," said managing director David Gill.
"It is one of the issues you face being a publicly quoted company. People buy shares for various reasons but we will continue to run the business as we have for the past 10 or 11 years."
Income from media streams and commercial contracts have also increased and the club's ability to market themselves worldwide has received a further lift with news that tickets for their four-match USA tour this summer have sold faster than those for the World Cup nine years ago.
The tour has been launched on the back of sportswear giant Nike's 10-year investment in the club and is likely to generate even more cash for a club who appear to be in a league of their own as far as finance is concerned. "We have maintained a strong financial discipline since the club floated on the Stock Market in 1991," added Gill.
"We are debt free, which sets us apart from a number of other clubs. "Our strategy has been to spend within our means and we have not moved away from that.
"If we get it right on the pitch, we believe we will get it right off it and Sir Alex Ferguson has delivered his side of the bargain."
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments