Flat profits have been reported at Premiership leaders Manchester United, as the cost of exiting the Champions League early cost the club revenue and made a dent in the Glazer family’s UK investment.

Operating profit for the year to 30th June 2006 was £49.7m, compared to £46.1m in the previous accounting period, which did only cover 11 months.

United reckoned the early exit from the Champions League cost at least £2.8m, although chief executive officer David Gill said: “The club is now poised for dramatic revenue growth.”

In a massive UK investment, US billionaire Malcolm Glazer bought United for £790m in 2005, in a deal that was mainly financed by debt secured upon the club.

Since June 2006 the club has been in receipt of revenue from the sponsored saving and investment of the four-year shirt sponsorship deal worth £56m with AIG, and has enhanced match day earnings by increasing the capacity at Old Trafford from 68,000 to 76,000.

Profit before tax was £30.8m, up from £10.8m, with £12m secured from the sale of Nigerian player Jon Obi Mikel to Chelsea. Turnover was £165.4m, against £157.2m in the previous period.

Last year, as part of their refinancing of their UK investment, the Glazers secured a package which saw loan charges secured on the club fall from £90m to £62m.