Man United's Midas touch puts them top of the financial league

MANCHESTER UNITED consolidated their position as the financial kingpins of world soccer yesterday, announcing a 48% increase in profits to stg£32.3 million. (€51.3million)

Irish investors JP McManus and John Magner, who own 6.77% of the club, will be among the main beneficiaries of an 55% increase in dividends to shareholders.

Profits would have been even higher but for United signing new contracts with club captain, Roy Keane, manager, Alex Ferguson and midfield star, David Beckham. The club paid its players 48% of every penny earned.

The club now has 19 first team squad players on contracts of three years or more, which secures the playing strength of the club for the foreseeable future, according to club chairman, Roy Gardner.

As rivals like Leeds United slip to losses of stg£28m, (€44.5m) Man United dominate the balance sheet league table. With 54 million fans worldwide, all but 10 million of whom are outside Britain, United, the world's richest club, has arguably the strongest brand name in world football. It is in a unique position to prove football clubs can be successful businesses.

Although it did not win a trophy last season, with Arsenal winning the premier league and FA Cup double, the Manchester club has cashed in on deals with US sportswear manufacturer, Nike and telecoms giant, Vodafone, in the past few years. The club's gains in revenue have been achieved despite the contract renewals and a rising wages bill since United bought Argentine midfielder, Juan Sebastian Veron and Dutch striker, Ruud van Nistelrooy in 2001.

The recent signing of England defender, Rio Ferdinand for stg£30m (€47.6m) will also keep the pressure on wages.

The sale of Dutch defender, Jaap Stam and forwards Andy Cole and Dwight Yorke helped boost player trading profit to stg£17.4m (€27.6) from a modest stg£2.2m. (€3.5m)

The club has also secured the money-spinning UEFA Champions League Final for Old Trafford in May 2003.