Manchester United are still owed £12 million by Lazio from last year's sale of the Dutch defender Jaap Stam.
Thirteen months since Stam left Old Trafford for the Olympic Stadium, Lazio have infuriated United by persistently ignoring the terms of the £16 million transfer. United have already called in UEFA but the Italian club, citing "serious financial difficulties," have protested they are not in a position to repay the debt.
United are trying to negotiate a compromise involving payment of a lump sum of about £6 million with the remainder in three or four instalments over the next year. They have also received a guarantee from Lazio's parent company, Cirio, that the money will be paid in full.
United want to avoid legal action but it has been made clear to Sergio Cragnotti, the Lazio president and Cirio's owner, that they are running out of patience.
"We're working with Lazio to reschedule the payments and we're confident the situation will be resolved in the next 12 months," said United's spokesman Paddy Harverson.
Peter Kenyon, United's chief executive, revealed the club had budgeted to use the Stam money to help finance Rio Ferdinand's transfer. They have already paid Leeds £15 million and another £14.3 million is due next July. United, however, are in such a strong financial position they will be able to pay Leeds even if there are further complications.
The club yesterday announced pre-tax profits of £32.3 million for the year ending July 31st, a 48 per cent increase on the previous year despite a 40 per cent per cent increase in the wage bill to £70 million. Gate receipts netted United £42.1 million with television revenue rising 66 per cent to £51.9 million.
Roy Gardner, chairman of United's Plc board, described the results as "robust," and finances will be available for Alex Ferguson to strengthen his team when the transfer window opens in January. Ferguson would like to buy a striker and two more defenders.
Meanwhile, Roy Keane could cause a stir by calling Manchester City's Alfie Haaland as a key witness at his disciplinary hearing.
The Manchester United captain will appeal against two English FA disrepute charges in a fortnight and could face a lengthy suspension if found guilty.
The charges arise from claims made in Keane's autobiography that his challenge on Haaland two season ago was deliberate and premeditated. But since then the Norwegian has claimed on his personal website the tackle did not cause his long injury lay-off.
Keane's tackle caught Haaland above the right knee but the City man played again a week later and has since been out of action and had surgery on his left knee.
Arsenal's captain Patrick Vieira will attend a personal hearing at the English FA on October 24th to defend himself against a charge of misconduct.
Vieira was accused of insulting the referee Andy D'Urso following his dismissal for two yellow cards at Chelsea last month. The referee accused the midfielder of breaching rule E2 - making abusive and/or insulting words to the match official.
There have been reports that Vieirawill hire a lip-reader to try to prove his innocence.
-Guardian Service
