Football club Manchester United has announced record pre-tax profits of £39.3m, up 22 per cent, in the year to July 2003.

Turnover also rose by 18 per cent to £173m while cash balance is just shy of £29m with another £34m due in transfer fees next year. The club has also proposed a special dividend of 1.5p.

The profits have been attributed to three main reasons – match results, the Beckham transfer and the club’s new Nike merchandising deal.

United’s Chief Executive, David Gill, said: “These results reflect the significant success that Manchester United has achieved both on and off the field. We have continued the leverage our global brand through our partnerships and to grow our knowledge of our fan base. Looking ahead, we will maintain our focus on achieving playing success while delivering continued strong performances from our commercial operations.” Details: www.manutd.com