Manchester Utd Returns To Profit

MANCHESTER United has returned to profit for the year to the end of June, according to accounts published today.

The club made a record £110.9m off the back of a turnover of £331.4m, an increase of 15.7 per cent on the previous year.

The club's gross debt has also fallen by more than £80m to £458.9m, as it prepares for an IPO float in the Far East.

United's parent company, Red Football Joint Venture, made a loss of £108.9m for the year to July 2010, largely due to the cost of setting up a bond scheme to replace debts of more than £500m.

Commercial revenues shot up by 27 per cent to £103.4m, as the club reaped the rewards of a number fo sponsorship deals in the last year, including a new deal with shirt sponsors Aon and a profit share with kit manufacturers Nike.

Matchday revenues increased by 15.7%, including improved sales in matchday hospitality.

The Premiership title and a runners-up sopt in the Champions' League helped pull in media revenues of £119.4m - up 13.9 per cent.