Manchester United profits plunge 84%

Manchester United has reported a sharp fall in annual profits despite record revenues for the year.

The football club said net income plunged 84% for the year to 30 June to £23.8m, from £146m a year ago.

It comes a month after Manchester United announced a £750m 10-year shirt manufacturer sponsorship deal with Adidas.

Nike's marketing costs soar on World Cup

Heavy spending on marketing weighed on Nike's performance in its fourth quarter which ended 31 May.

Expenses on marketing soared 36% to $876m (£514m) as Nike boosted promotion ahead of the 2014 Fifa World Cup.

That curbed profits which rose 1% to $698m, compared to the same quarter in 2013.

Between March and May Nike launched a number of new shoes including the Mercurial Superfly, worn by Portugal's Cristiano Ronaldo.

On Thursday, Portugal became