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Manchester United reduces debt to $570 million

  • Manchester United has reduced its gross debt in its financial first quarter after the Glazer family used proceeds raised by the club's flotation to pay off $99 million worth of bonds.

    Gross debt decreased to $570 million in the three months to September 30, down 17 percent in comparison to the same period last year.

    Total revenue rose 3.4 percent to $120 million, the English Premier league soccer club said on Wednesday.

    The club, currently at the top of English Premier League rankings, floated on the New York Stock Exchange in August.