Manchester United made a profit from continuing operations of £20.5m sterling in the three months to the end of September, the English Premier League soccer club said today.

United said its debt had fallen to £360m, down 17% from a year ago, following a flotation on the New York Stock Exchange in August.

A reduction in broadcast revenue pushed underlying core earnings 15% lower at the English Premier League soccer club in the quarter.

A 24% rise in revenues from commercial deals helped total revenues up 3% to £76m.

United signed 10 new sponsorship deals in the first quarter.

United, owned by the American Glazer family, reported pre-tax profits of £16m after broadcast revenue declined 37% because the club played only one Champions League game in the period and also received less TV money from pooled payments based on performance.