NEWCASTLE UPON TYNE, ENGLAND - OCTOBER 07: Man United player Jonny Evans (c) celebrates after scoring the first goal during the Barclays Premier league game between Newcastle United and Manchester United at Sports Direct Arena on October 7, 2012 in Newcastle upon Tyne, England. (Photo by Stu Forster/Getty Images)

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