Two world-class players in Jaap Stam and Andy Cole have both recently settled within our financial format

Manchester United chief executive Peter Kenyon

"We should recognise that two world-class players in Jaap Stam and Andy Cole have both recently settled within that format.

"We have always attracted great players, but have developed our own youth system.

"With further investment in the development of Carrington, our training facility, and the club's Academy, we are fully committed to developing the next generation of players, while competing in the world market for additional players.

"It is the combination of both which will keep United ahead of the game."

United are also confident that they can continue to generate revenue in areas other than match days.

"We are achieving record attendances and are sold out every week, so we are well positioned for the future.

Important negotiations

"While the ground may be full, there are other opportunites.

"We have a global fan base of 50 million, so we are truly one of the leading clubs in the sector. There are lots of other opportunites for retail growth," Kenyon added.

United plc chairman Sir Roland Smith echoed Kenyon's claims in a statement to the plc board, highlighting the importance of negotiations with players on new contracts and the new transfer system.

Jaap Stam has fitted into United's pay structure

His statement read: "The management of new wage agreements for our players will be one of the influences on our future earnings.

"We have recently announced agreements with Andrew Cole and Jaap Stam and negotiations are ongoing with several other players, which we are hopeful will result in new agreements.

"The board welcomes the announcement from the European Commission that a satisfactory and workable outcome has been agreed with Fifa on international player transfers in the European Union."