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London – Manchester United's debt dropped by 18 percent as the Premier League leaders floated on the New York Stock Exchange and sponsorship revenue soared.
United's debt dropped to 359.7 million pounds ($570 million) by Sept. 30 from 436.9 million ($639 million) on June 30.
With the proceeds of its NYSE floatation, the Glazer family paid off 62.6 million pounds ($100 million) of bonds.
United recorded a profit of 20.5 million pounds ($33 million) in the first three months of the financial year compared with a loss of 5 million pounds ($8 million) a year earlier.
Commercial revenue is on course to reach at least 350 million pounds ($555 million) in the financial year after it grew by 24
percent to 43 million pounds ($68 million) in the first quarter. — Sapa-AP