United reduce gross debt

Manchester United's gross debt was reduced to £359.7million after the club's owners 'retired' a further £62.6million-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.

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