Manchester United have posted the most spectacular profits for any British football club - while at the same time being part of its biggest debt.
Accounts to June 2008 reveal turnover at the club has risen 22 per cent to over €283.3 million, underpinning a 7.5 per cent increase in profits to €88.8 million.
However, Red Football — the umbrella for United and its various offshoots — confirmed a loss of €49.5 million, taking their overall debt to an eye-watering €718 million.
Critics are bound to pounce on the figure as evidence of an unsustainable financial structure, questioning how it is possible for the Glazer family to make a profit if their losses are so high in a season as successful as the last one.
Yet Manchester United’s owners have never given any impression of being too concerned about the debt mountain itself, the payments for which were restructured two years ago and currently takes #45.5million annually out of United’s profits.
Instead they prefer to maintain a drive for profits at a club whose overall value is estimated at over €1 billion.
Whether, in the current financial climate, they can continue to squeeze even more from the United brand is open to doubt.
Attendance figures, while still extremely healthy, are showing signs of dipping slightly, suggesting further controversial increases in ticket prices might have more of a negative effect than has previously been the case.
Income from media streams might offer more scope for improvement given the domestic Premier League TV deal has gone up five per cent, with the overseas contracts likely to exceed that figure.
However, balanced against that is a rare surplus on transfers, generated by the sales of Gabriel Heinze, Giuseppe Rossi and Gerard Pique amongst others, plus an uncertain commercial market.
United are already touting for new shirt sponsors after AIG confirmed they will not be extending an overall €20 million annual deal when it expires next year.
Indeed, given the company is now effectively in the hands of the US government, some politicians believe the entire contract should be ripped up.
