Downturn expected for Manchester United

A City analyst is warning that Manchester United may have become too successful for their own good.

The club's interim results, to be released tomorrow, are expected to show a slowing down in its meteoric success.

Turnover for 2000 reached a record level of £116m, an increase of 5% from 1999, but operating profit - excluding the cost of players - was down to £30.1m.

Stan Lock, of Brewin Dolphin Securities, believes the club has become a victim of its glittering success.

He says: "There is a limit to how big a club can become and I think they've just about reached it.

"They've opened up many avenues in the Middle and Far East, but where do you go from there? They've done everything under the sun, and I think TV revenue may actually start to decline."

Deals signed by the club last year included a £30m sponsorship deal with Vodafone and a new £1.6bn FA Premier League television contract.

The club also launched MUTV, a channel broadcasting Manchester United news and features seven days a week.

Manchester United have also enjoyed continued success with their two financial services products - the Manchester United MasterCard with MBNA and the Save and Support savings account with Britannia.