United reduce gross debt

Manchester United’s gross debt was reduced to £359.7m after the club’s owners ’retired’ a further £62.6m-worth of bonds during the first financial quarter.

A 32.4% increase in sponsorship revenues, underpinned by that massive shirt deal with Chevrolet, contributed to commercial revenues rising by 24% to £43million over the quarter and an overall profit of £20.5million.

United estimate overall income will reach £350million and £360million over the entire financial year to June 30, 2013.

United's broadcast revenues have dipped substantially by 37.4%, although most of this is being put down to the fact the Red Devils played only one home Champions League game during the period concerned compared to two 12 months ago.

And, as United have already qualified for the knock-out stages of the competition compared to their catastrophic group stage exit last term, further rises in revenue will be anticipated.

It also seems United pocketed around £2million as a result of Old Trafford being an Olympic venue given a 13.3% rise in matchday revenue to £19.6million.