Manchester United, the world's richest football club, has delivered a stinging blow to struggling Leeds United, by forcing down the amount it owes on star player Rio Ferdinand from £3.25m (€2.8m) to £1.5m.

Leeds, weighed down by debts of more than £80m, accepted the £1.75m hit on Wednesday "in full and final settlement" of all outstanding payments due on Ferdinand's transfer, which took place in July 2002.