Manchester United players' wages increase by pounds 2.5m
Arguing for the abolition of transfer fees in the British game, Mr Edwards said wages of United's 46-strong playing staff had risen by pounds 2.5m on the previous year. Much of the increase was due to players seeking higher wages as a result of the Bosman ruling which allows players to move for no fee between European counties if they are at the end of their contract. "We would welcome the outlawing of transfer fees," Mr Edwards said. "The current system encourages you to sign overseas players."
Manchester United's total wage bill increased by around pounds 5.5m last year, of which 40 per cent was due to player wage increases. Mr Edwards was speaking as Manchester United announced profits of pounds 19.4m for the six months to 31 January compared to pounds 15.2m in the previous year.
Gate receipts, television revenue and merchandise sales were all up strongly. The figures were also boosted by increased capacity at Old Trafford following redevelopment.
The club revealed it had made profits of pounds 7.5m from its successful run in the European Cup. Mr Edwards said that winning the competition would cost the club money in the current financial year because of the huge bonuses that would be paid to players. However, the longer-term benefits of victory would be considerable. Group turnover was up from pounds 30m to pounds 50m.
Meanwhile, Sheffield United, the Nationwide first division club, has sold two of its subsidiaries for almost pounds 1m. The business include the Le Coq Sportif brand, which is being sold to Gilbert & Pollard, a sporting supplies company.
Revealed: Devastating impact of 'bedroom tax' sees huge leap in demand for emergency hardship handouts for tenants
Notes from a small island: Is Sealand an independent 'micronation' or an illegal fortress?
You thought Ryanair's attendants had it bad? Wait 'til you hear about their pilots
Revealed: Eerie new images show forgotten French apartment that was abandoned at the outbreak of World War II and left untouched for 70 years
Chloe Johnson death: Family of five-year-old British girl who died in a pool at in Egypt's Sharm el-Sheikh resort 'angry' that more wasn't done to save her
- 1 Stoke City investigate 'religious abuse' after 'pig's head is found in Kenwyne Jones' locker'
- 2 Gove’s lesson: spare the comma, spoil the child
- 3 Grace Dent on TV: Extreme Couponing, My Strange Addiction, and Here Comes Honey Boo Boo, TLC
- 4 You thought Ryanair's attendants had it bad? Wait 'til you hear about their pilots
- 5 Join Ryanair! See the world! But we'll only pay you for nine months a year
BMF is the UK’s biggest and best loved outdoor fitness classes
Find out what The Independent's resident travel expert has to say about one of the most beautiful small cities in the world
Win anything from gadgets to five-star holidays on our competitions and offers page.
iJobs Money & Business
£550 - £600 per day: Orgtel: Fidessa Analyst / PM - Banking - London - Up to £...
£450 - £500 per day: Orgtel: Sourcing Manager - Banking - London - Up to £500p...
To be discussed at interview.: Queen Elizabeth's School: An experienced and ef...
£294.05 - £330.92 per day + 150 per day travel and accommodation: Orgtel: A le...