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Manchester United announce record profits as Glazer family reduces club's debt

Thu 1st Sep 2011 | Money & Finance

Manchester United has confirmed a return to pre-tax profit figure for its last financial year, strengthening its hand ahead of a planned share sale to cut its debts.

The club made £29.7m in the 12 months to June following a loss the previous year on the back of its debt repayment burden.

Revenues rose to £331m - up £45m - with net debt falling to £308m from £376.9m.

The figures bolster the club's position ahead of a planned Initial Public Offering in Singapore.

United's owners, the Glazer family, plan to sell around 30% of the club in the hope of raising more than £600m.

The aim is to cut the debt pile - refinanced through a bond issue last year - while cashing in on the team's huge popularity in Asia.

It is understood the Glazers, who are preparing a pre-marketing package for the sale, plan to issue a dual share class in which buyers wanting voting rights would also have to take an ordinary share.

Such a scheme, unpopular in London, would enable the club's American owners to retain more control of the club than the 30% equity stake they are selling would suggest.

Detailed results available on club's investor relations website.

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