Man United debt drops to $570M in 3 months

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Associated Press

Posted on November 14, 2012 at 12:01 PM

Updated Wednesday, Nov 14 at 12:05 PM

LONDON (AP) — Manchester United's debt dropped by 18 percent as the Premier League leaders listed on the New York Stock Exchange and sponsorship revenue rose, financial results revealed Wednesday.

United's debt, which has caused fan opposition to the Glazer family since their 2005 takeover, dropped to 359.7 million pounds ($570 million) on Sept. 30 from 436.9 million ($639 million) on June 30.

With the proceeds of its initial public offering, the Glazer family paid off 62.6 million pounds ($100 million) of bonds.

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