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| Manchester United sees debts drop | Manchester United sees debts drop |
| (30 minutes later) | |
| Manchester United has reported a reduction in the club's debt burden. | Manchester United has reported a reduction in the club's debt burden. |
| The football club said its gross debt was £507.5m in the three months at the end of 2009, compared with £538.1m in the same period the year before. | The football club said its gross debt was £507.5m in the three months at the end of 2009, compared with £538.1m in the same period the year before. |
| Pre-tax profits for the quarter were £6.9m compared with a loss of £2.7m in the same period in 2008. | Pre-tax profits for the quarter were £6.9m compared with a loss of £2.7m in the same period in 2008. |
| The latest accounts of the club's parent company, the Glazer-controlled Red Football, showed its debt was £716.5m in January. | The latest accounts of the club's parent company, the Glazer-controlled Red Football, showed its debt was £716.5m in January. |
| In addition to the club's half-billion pound debts confirmed in the latest accounts, Red Football is still saddled with more than £200m of high-interest loans from three US hedge funds charging an interest rate of 14.25% per annum. | In addition to the club's half-billion pound debts confirmed in the latest accounts, Red Football is still saddled with more than £200m of high-interest loans from three US hedge funds charging an interest rate of 14.25% per annum. |
| The news comes as the "Red Knights" consortium of financiers has been meeting to discuss a possible bid. | The news comes as the "Red Knights" consortium of financiers has been meeting to discuss a possible bid. |
| The "Red Knights" group consists of Goldman Sachs economist Jim O'Neill, lawyer Mark Rawlinson and financier Keith Harris. | |
| Appearing at a European Club Association media conference about potential new financial rules for football, Manchester United chief executive David Gill was asked if his club would meet the new guidelines, the details of which have not yet been revealed. | |
| "These [potential new rules] relate to break even," Mr Gill said. | |
| "We have seen what the proposals are, and we would meet the financial break-even rules. | |
| "We have always been run professionally, and will continue to be run professionally." | |
| Green and gold | Green and gold |
| US sports tycoon Malcolm Glazer took over the club for £800m in 2005. | |
| BUSINESS OF SPORT DEBATE Join leading figures in football for a BBC debate: The Business of Sport - Football in the Red. | BUSINESS OF SPORT DEBATE Join leading figures in football for a BBC debate: The Business of Sport - Football in the Red. |
| It will be broadcast live on Tuesday 2 March (all times GMT) | It will be broadcast live on Tuesday 2 March (all times GMT) |
| 2000-2100 BBC News Channel2000-2130 BBC Radio 5 live2000-2130 BBC News website Would-be Man Utd buyers will need deep pockets Financiers 'hold Manchester United takeover talks' | 2000-2100 BBC News Channel2000-2130 BBC Radio 5 live2000-2130 BBC News website Would-be Man Utd buyers will need deep pockets Financiers 'hold Manchester United takeover talks' |
| But his reign has been controversial, with many fans opposed to the huge levels of debt that Red Football, the club's holding firm, took on to finance the takeover. | |
| By June last year, the club's debt passed £700m for the first time. | |
| Many fans wore green and gold - the colours of Newton Heath before it was renamed Manchester United in 1902 - at Sunday's Carling Cup final, which the defending champions won. | |
| In January, Manchester United successfully raised £504m through a bond issue, meaning the Premier League club will be able to pay off nearly all their outstanding debts. | In January, Manchester United successfully raised £504m through a bond issue, meaning the Premier League club will be able to pay off nearly all their outstanding debts. |
| The club faces an annual interest bill of £45m a year on the bonds. | The club faces an annual interest bill of £45m a year on the bonds. |
| Revenue in the last three months of 2009 rose to £87m, from £74.4m in 2008. | Revenue in the last three months of 2009 rose to £87m, from £74.4m in 2008. |
| Manchester United's cash balance stands at £122.1m, up from £8.6m. | Manchester United's cash balance stands at £122.1m, up from £8.6m. |
| There was increased income generated from matchday revenues and its TV rights, particularly from the elite Champions League competition. | There was increased income generated from matchday revenues and its TV rights, particularly from the elite Champions League competition. |
| Media revenues rose 33% to £53.4m. | Media revenues rose 33% to £53.4m. |