Football: Manchester United posts record revenues, debt drops

LONDON (AP) - Fresh from securing a record-extending 20th English title, Manchester United is also keeping up its success off the pitch by producing record revenues while reducing its debts.

The club said on Thursday it is on course to generate more than £350 million (S$671 million) this season after earning a record £91.7 million in the three months to March 31.

But the title triumph has come at a price, with the wage bill rising 25 per cent year on year to £44.9 million in the third quarter.

The club, which is owned by the American Glazer family, has reduced its debt to £367.6 million - a drop of 16 per cent in nine months - in part by using the proceeds of the flotation on the New York Stock Exchange in August.