[goldenHuddlestone]

Manchester United remain totally behind the Premier Leagues collective bargaining agreement even though their European rivals are reaping handsome rewards for going it alone.

The Red Devils have slumped to fourth spot in the annual Deloitte Rich List, falling behind Spanish giants Real Madrid and Barcelona, plus disgraced Italian outfit Juventus.

While no-one at Old Trafford is too concerned about the fall, based on individual turnover rather than profitability, it has been pointed out the major reason why clubs on the continent are generating more money is because they are now allowed to negotiate their own television deals.

The policy has been spurned by the Premier League, with some justification given the massive £2.7billion TV deal chief executive Richard Scudamore has negotiated, ensuring the average payout among the 20 top-flight clubs is £45million.

Nevertheless, United could still probably get more should they mount a successful challenge to the rules, which many felt they would do once new owner Malcolm Glazer completed his takeover last year.

Yet such a move has not materialised and United sources insist it is not on the agenda.

"Manchester United is committed to a policy of collective media rights negotiation within the Premier League," said a club spokesman.

"(Chief executive) David Gill has made this perfectly clear and the Glazer family are unequivocal in backing him on this matter."

In truth, United have little to worry about given the massive rise in TV revenues has been accompanied by a stadium expansion which generates in excess of £4million extra in gate receipts per season, plus an increased shirt sponsorship deal with American banking giant AIG now worth an incredible £18million per year.

"Our projections for the coming year suggest we will bounce back up the table again, but in any case turnover is just one factor in managing a football club," added the spokesman.

"We still believe Manchester United to be by far the most profitable club and we look forward to continued success, on and off the field."