MANCHESTER United last night announced record revenues, allowing the football club to pay down some of the debt that has bedeviled it since 2005.
The team play away at Norwich City this weekend but yesterday’s trading update was issued in the very different world of Wall Street, following the club’s August IPO on the New York Stock Exchange.
Total revenue grew from £73.8m to £76.3m in the three months to 30 September, boosted by a 32 per cent lift in sponsorship income. But a relative lack of televised games during the period meant broadcasting revenue slipped.
United have been lumbered with substantial debts since the Glazer family bought the club in a leveraged takeover seven years ago. Yesterday’s announcement revealed that gross debt has now dropped to £359.7m, down almost a fifth on last year.