Manchester United Football Club has announced a drop in profits and group turnover – and blamed the decline on unexpected player transfers and a fall in TV income.

Reporting its full year results for the year ending 31 July 2004, the club said pre-tax profits were down 30 per cent at £27.9 from £39.3m in 2003, while turnover fell back to £169m from the 3003 figure of £173m.

Although all of the club’s 25 home games at its Old Trafford stadium last season were sold out, the £20m summer acquisition of English striker Wayne Rooney and a dip in TV income dented the accounts of the Europe’s richest club.

Roy Gardner, chair, said that the club was not planning on buying Rooney until next year.

“Our plans were to bid for the player in summer 2005, but Everton’s interest in selling him forced us to accelerate our plans or risk losing him,” he said,

“As a result, we have now spent next summer’s transfer budget unless players are disposed of to realise cash for re-investment.”

The club also expects a fall of around £14m in its TV revenue for 2004-05 after a disappointing third-place finish in the Premiership last season.