London, Sept 1: Manchester United's gross debt dropped by almost 20 percent to 458.9 million pounds ($747 million) and commercial income rose 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 110.9 million pounds ($180 million) in the financial year ending June 30.
Results released Thursday showed that commercial income soared by 27 percent to 103.4 million pounds ($168 million). But half of that income was paid to banks to meet interest costs of 51.2 million pounds ($83.4 million).
United recently submitted an application for a partial flotation on the Singapore Stock Exchange to cut debts. AP
