United reduce gross debt
Latest news update:
Manchester United's gross debt was reduced to £359.7million after the club's owners 'retired' a further £62.6million-worth of bonds.
The bonds were 'retired' during the first financial quarter by owners the Glazer family.
A 32.4 per cent increase in sponsorship revenues, underpinned by that massive shirt deal with Chevrolet, contributed to commercial revenues rising by 24 per cent to £43million over the quarter and an overall profit of £20.5million.
United estimate overall income will reach £350million and £360million over the entire financial year to June 30, 2013.
The results are bound to receive a negative reaction from some fans groups, particularly as reports in the United States indicated the club had to be forced to disclose greater information than they initially wanted when they launched their IPO in the summer. But commercially, at least, the results underline how successful United have been.
In the last quarter alone, United entered into 10 sponsorship arrangements, including that incredible £357million deal with General Motors for the Chevrolet logo to be worn on their shirts for seven seasons from 2014.
That eye-boggling sum persuaded United to buy-out the present deal with DHL for United's training kit, which will now come to an end at the climax of this season.