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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.





If you have any football business related news stories you’d like to share then please contact us –agourley@fcbusiness.co.uk or ryan@fcbusiness.co.uk

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