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Manchester United is to raise £500m through a bond issue in a bid to pay off its debts.
The announcement came as the club announced pre-tax profits of £48.2m for the year to 30 June 2009, compared with a loss of £21.4m a year ago.
Group turnover rose to £278.5m from £256.2m the previous year, with £80m coming from the sale of Cristiano Ronaldo to Real Madrid last summer.
Although no total debt figure was disclosed in the results announcement, it is understood to stand at about £699m.
US businessman Malcolm Glazer bought the club for £790m in 2005, borrowing heavily to do so. It is understood the main concern for the club's owners is the £175m of loans the Americans are personally responsible for and which "roll up" interest at an annual rate of 14.25%.
The bonds mature in 2017 and will be issued by MU Finance.
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