MANCHESTER UNITED’S net debt has risen by £26 million (€32.3 million) and revenue is down 5.8 per cent, according to quarterly figures released yesterday. The figures also show that £75 million flowed out of the club in fees, interest and bond buy-backs in the past nine months.

Exiting the Champions League at the group stage was the chief reason for a fall in total revenue from £75.2 million to £70.8 million, despite ongoing improvement in commercial revenues.

But it is the amount of money spent servicing bond interest, buying back bonds and on advisory fees as the Glazer family continues to eye a partial float in Singapore that will most concern critics of the existing regime.

The figures reveal that the Glazers spent the equivalent of more than £250,000 a day – Wayne Rooney’s weekly salary – on buying back £28.2 million worth of bond notes and £42.7 million in interest payments over the past nine months.

Financial advisers considering the potential float cost £4 million.

Critics of the club’s owners argue that money should be spent on buying players. The figures also show United’s bank balance, once highlighted by executives as evidence of their firepower in the transfer market, has fallen to £26 million. Income from season ticket revenue and television payments should return it to a healthier level in future quarters.

David Gill, United’s chief executive, is convinced United can overthrow City and said: “Whilst other clubs may pay slightly more, we pay what we believe are very, very good salaries. The commercial spin-offs, if [players] want to go down that route, are arguably better than at other clubs. We shouldn’t be worried about not being able to attract top players.”

United confirmed yesterday that they are releasing Michael Owen. – (Guardian Service)