Man U's debt drops below 500 million pounds under Glazers for the first time ever

California Telegraph (ANI) Wednesday 22nd February, 2012

Manchester United's debt has dipped below 500 million pounds for the first time since American businessmen, the Glazers took over the club.

At the end of the year 2011, United's debt stands at 439 million pounds. It was 508 million pounds at the same time last year, the club reports.

The club's decision to buy back bonds, sold as part of a 500 million pound refinancing move two years ago, has helped reduce the debt, The Mirror reports.

United's revenue from match days, media and commercial activities for the last six months of 2011 has also seen a rise 18.5 million pounds to 175 million pounds.

The current English champions are expected to see a drop in income this year, after dropping into the Europa League from the Champions League. (ANI)