News24

Man United's debt drops

2012-11-14 15:45

London - Manchester United's debt dropped by 18 percent as the English Premier League leaders floated on the New York Stock Exchange and sponsorship revenue soared.

United's debt dropped to £359.7m ($570m) by September 30 from £436.9m ($639m) on June 30.

With the proceeds of its NYSE floatation, the Glazer family paid off £62.6m ($100m) of bonds.

United recorded a profit of £20.5m ($33m) in the first three months of the financial year compared with a loss of £5m ($8m) a year earlier.

Commercial revenue is on course to reach at least £350m ($555m in the financial year after it grew by 24 percent to £43m ($68 million) in the first quarter.

AP