By Chris O'Brien
March 22 2005

With few Stretford Enders being experts in finance of challengers to Gordon Brown's position as Chancellor of the Exchequer, it is hard to realise the significance of Manchester United profits falling 54% for the halfyear. Is the club in decline? Or is an influx of silverware only around the corner? With most of us more concerned about the performance of the players and chants from the terraces, it really is hard to draw any conclusions to the news that Manchester United profits have fallen a whopping 54% for the half-year. The facts are these are the worst financial figures released by the clubs for 5 years with profits at a pre-tax level falling to £12.4 million.

The chief cause of the profit drop is due to big player spending on the likes of Wayne Rooney and a reduction in television revenue. The domestic power shift to Chelsea is probably a cause, and fans are now fearing this latest news will encourage Malcolm Glazier in a full takeover bid for the F.A Cup holders as his stalking of the club continues and his stake continues to grow.

With the third place finish last season cutting European Cup profits, and the silverware coming through the Old Trafford doors falling in numbers, this could be a continued trend in the year's to come.

"We explained that, with the new media deals, that the profits would be down. We were aware of it and we planned for it," said United chief executive David Gill, remaining calm after the news was made public.

On the pitch, United are eleven points behind Chelsea in the Premiership race and only a huge drop-off in form from the West Londoners would give the Red Devils any hope of winning the Football League. Meanwhile, European Cup and League Cup dreams lay in the dust with the F.A Cup the only realistic possibility of silverware left.

Is this the start of the downfall of the world's richest club? Or is another Treble only just around the corner?