Manchester United reduces debt to £359.7million

Manchester United has reduced its gross debt in its financial first quarter after the Glazer family used the proceeds of the club's flotation to pay off £62.6m of bonds.

The BBC reports that the Club's gross debt fell to £359.7m in the three months to 30 September 2012, down 17% on a year earlier.

Total revenue rose 3.4% to £76.3m, the Old Trafford club said.

But broadcasting revenue fell 37.4% to £13.7m, mainly because of issues involving match scheduling.

United played one Champions League game in the quarter, whereas it played two in the same period last season, and it had two fewer Premier League games broadcast live in this year's quarter.

These differences accounted for a drop of £5.6m, though the club said it would make up some of the Champions League revenue in the next quarter.

It also earned £2.6m less from the Champions League group stages as a result of finishing second in the Premier League in 2011-12, compared with finishing first in 2010-11.

The club, currently leading the English Premier League, floated on the New York Stock Exchange in August.