MONEY MONEY MOMEY

Last updated : 01 April 2003 By editor

Manchester United have announced reduced profits of £20.3m for the six months to the end of January.The figures were slightly better than analysts forecast, with an improvement in both turnover and operating profits.

"We have significantly improved our operating performance," said chief executive Peter Kenyon.

"The strength of the balance sheet and our diversified revenue streams have increased the resilience and competitiveness of Manchester United.Looking ahead, we have a clear strategy focusing on the development of media rights, the conversion of more fans to customers and the leveraging of our global brand. This will ensure that Manchester United is well placed both on and off the field."

Chelsea's £2.75m deficit

Chelsea and Bolton may be at opposite ends of the Premiership but both have announced losses for the six months to Dec 31 2002.

Bolton, who are battling to avoid relegation, have made an operating loss of £1.027 million.

Chelsea, who are chasing a Champions League place, announced a half-year loss of £2.75 million, chairman Ken Bates explaining that their drop in income was due to factors outside football.

Like Bolton, Chelsea are listed on the AIMs market and their results cannot be compared with those of Leeds or Manchester United, as they do not provide the sort of detail that both these clubs are able to give. The figures provided do not show Chelsea's total debt but they do indicate that the net liabilities of the club have almost trebled from the comparable period in 2001. Then they totalled £20.2 million; now they amount to £59.1 million and the creditors' due within a year has gone up from £30 million to £52.5 million.