The £71m finance costs take to £680m the total cost to United in interest, fees, bank charges and debt repayments of the Glazers' 2005 takeover of the club, according to Andy Green, the investment analyst who blogs on United. The £525m the American family borrowed to buy United was loaded on to the club to repay, and eight years on, despite so much interest paid, United's debt at 30 June was still £389m.

Announcing the results, Edward Woodward, the banker who worked for the Glazers on their takeover and who is now the executive vice-chairman following David Gill's resignation, did not mention the debt and £71m finance costs. Instead, Woodward focused on United's income, which grew to a record £363m.

That was up 13% on 2011-12, due to new sponsorship deals, an increase in profit share from kit and merchandising with Nike, and media and mobile phone deals. United's commercial operation, which Woodward headed from an office in Mayfair while Gill was chief executive at Old Trafford responsible primarily for football activities, has become the envy of other major Premier League clubs.

United have agreed huge sponsorship deals divided by types of product – car (Chevrolet), wine (Casillero del Diablo), betting (Bwin), airline (Aeroflot), snack (Mister Potato) and so on – and by geographical regions of the world. On the day the accounts were published, United announced two new five-year regional sponsorships, with Commercial Bank of Qatar and Emirates NBD Bank, which, the club said, will become United's "official financial services partner in their respective countries". Both organisations "will have the rights to produce Manchester United branded credit, debit and prepaid cards," United announced. "Emirates NBD Bank will also market its own Manchester United savings account."

Stressing that commercial income from such sponsorships is now 42% of United's total at £153m, far exceeding the £102m from broadcasting, Woodward said: "We are very proud of our fiscal 2013. It has been a little over a year since our [flotation in New York] and we have delivered on our targets and objectives. Our commercial business continues to be a very powerful engine of growth enabling the team to continue to be successful."

United's gross profit of £146m was reduced by the £71m finance costs and paying off £48m of the Glazer debt, to an adjusted £17m. In the summer the club were widely criticised for spending only £30m of their huge income on new players for David Moyes, in a transfer window Woodward administered for the first time. United, though, said they were happy with the signings, of Marouane Fellaini (£27.5m) and Guillermo Varela (£2.4m){jcomments on}.

The Guardian