Manchester United's net debt has broken the $1 billion barrier for the first time due to summer borrowings for player recruitment taking the club's overall debt to its highest level since the Glazer family takeover in 2005. In the club's first quarter accounts, published on Thursday, United's non-current borrowings -- debt mountain built since the Glazers' leveraged takeover -- were reported at £481 million ($644m).
These robust financial results reflect the resilience of Manchester United as we make strong progress in our transformation of the club. The difficult decisions we have made in the past year have resulted in a sustainably lower cost base and a more streamlined, effective organisation equipped to drive the club towards improved sporting and commercial performance over the long-term. That has helped us to invest in our men's and women's teams, sitting in sixth and third places in the Premier League and Women's Super League respectively.