Manchester United reduces club debt

Updated: September 1, 2011, 9:26 AM ET
Associated Press

LONDON -- Manchester United's gross debt dropped by almost 20 percent to $747 million and commercial income increased as the club won a record 19th English title last season.

The club, owned by the American Glazer family, posted a record operating profit of $180 million in the financial year ending June 30. The Glazers also own the NFL's Tampa Bay Buccaneers.

Results released Thursday showed that commercial income soared by 27 percent to $168 million. But half of that income was paid to banks to meet interest costs of $83.4 million.

United recently submitted an application for a partial flotation on the Singapore Stock Exchange to cut debts.

Copyright 2011 by The Associated Press