Manchester United counted the cost of a slide in media income yesterday after profits for the first half of its financial year more than halved.

The figure of £12.4m for the six months to January 31 was down on the £26.8m of a year earlier, reflecting a new television deal and the impact of the club's third place Premiership finish on earnings from the Champions League.

The club described the period as challenging and said it had been made even more difficult by speculation surrounding takeover proposals from Malcolm Glazer, the owner of the Tampa Bay Buccaneers, who holds 28.1 per cent of the club but has seen his bid interest draw strong protests from supporters. United did not provide details of any developments in the saga, following its agreement in February to allow Mr Glazer to carry out limited due diligence.

Despite the drop in media income, United said it enjoyed strong matchday and commercial revenues during the first half of the financial year. Total turnover was down slightly on a year earlier at £91.6m.

There was also a rise in staff costs, up to £42.7m from £37.7m and representing 46.6 per cent of turnover compared with 40.8 per cent last year.