Man U:s plan för ökade intäkter

1. Maintaining Playing Success

The first of these, which underpins all our plans, is the need to sustain the playing success of the last twelve years. Like our fans, we were disappointed by our performance in the Premi; ership and Champions League, but our success in winning the FA Cup for the first time since our treble winning season in 1999 came as a welcome reward at the end of a season that had originally promised so much. Going forward, we will continue to invest in our squad and play our sport in the proper spirit and style for which the Club has become famous. At the same time, we will work to preserve the financial strength of the Club by seeking to structure players’ pay such that it is increasingly dependent on European Champions League qualification, appearances and team success. No individual player can generate the success to which we aspire, but a strong squad is required to secure European qualification and show progress in each season’s Champions League.

2. Treating fans as customers

Our second key strategy is to ensure we treat our fans as customers, offering them a good matchday experience, and a range of additional products and services which meets their interests, while enabling them to demonstrate their affinity with the Club. By working with partners who can promote our membership scheme, our financial services and other products and services, we see good opportunities to grow our relationship with the millions of fans worldwide. During the year our membership scheme, One United, reached 193.000 members (2003 151.000 members).

3. Leveraging the global brand

Thirdly, we continue to work to develop our partnership with our sponsors. Nike, for example, has shown its commitment to building our relationship with fans through its subsidiary, Manchester United Merchandising Limited (MUML). They have generated profits in excess of the minimum guarantee over the first two years of our thirteen year deal, staged the worldwide under-15 Manchester United Premier Cup and launched the Disneyland Paris Soccer School in April. Vodafone has demonstrated the mutual benefits of our association by the renewal of its four-year relationship with the Club for £36 million. Together we will build our MU Mobile business by offering new services to mobile phone users who want to stay in tune with the latest news and events at the Club.

4. Developing media rights

Fourthly, we must use our media rights more effectively, and so are planning to consolidate the management of our delayed video rights, with our matchday media, publications and use of the internet. The unique content that the Club can generate provides an excellent opportunity to build our relationship with our fans around the world by delivering news and images to them wherever, whenever and however they want.

5. Maximising the use of Old Trafford

Finally, the venue of Old Trafford provides unique opportunities to develop new revenues, not just by the planned stadium expansion, but also by continuing to improve the matchday experience for our customers. The installation of electronic point of sales equipment in our kiosks and suites, together with new recruitment and training initiatives, should ensure our customers receive a faster, more satisfying service. In addition, the stadium offers a perfect venue for many conferences and events on non matchdays. Proactive marketing and servicing of those organisations will grow our venue revenues.

Running a football club as a business

It is inevitable that there is some volatility in our results given that a significant portion of our revenue in any year is a function of both the previous and current season’s performance. However, this five-pronged strategy is designed to drive consistency and growth in revenues not directly related to team performance. This in turn will allow us to continue investing in players and challenging for trophies. Manchester United has built a sound business on the heritage of a great football club and its unique record of success under Sir Alex Ferguson. This year, once again, our committed and loyal staff have worked tirelessly to deliver on the high expectations of our fans and partners. This, combined with our proven financial discipline and prudent management of the cash generated by the business, should continue to provide long-term growth for shareholders and further playing success for our fans.

Sir Roy Gardner

Chairman

27 September 2004