Manchester United’s parent company have disclosed reports that the football team’s debts have hit $1.16 billion (about £716.5 million), according to their latest accounts, something which hasn’t happened before.

Manchester United’s fans have run protests against the Glazer family, owners of Red Football Joint Venture, the parent company of Manchester United. Current account documents of the Red Football Joint Venture shows that the company flushed out a staggering amount of approximately $113 million, on debt interest payments alone. Accounts show that Manchester United’s debts hit $1.14 billion in June 2009.

However, despite the staggering debt, Red Football Joint Venture also reports that they managed to bring in a net profit of $10.5 million in 2009, which includes income generated when Manchester United traded in Cristiano Ronaldo to Real Madrid. In contrast, Manchester United reported $76.5 million loss in the 2007/08 season.

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