Man United make no mention of takeover as they release 2nd quater financial results

Manchester United's gross debt has risen nearly £60million as the Glazer family continue to explore the possibility of selling the club for more than £6billion.

United released their second quarter financial results for the period ending December 31 on Thursday. They show a £6.3m net profit despite a drop of nearly 10 per cent in revenue compared to the previous year.

Fans will be particularly interested in the club's gross US debt which has risen to £535.7m from £477.1m. However, insiders say the long-term debt remains the same at $650m and the rise is due to a fluctuation in the exchange rate between the pound and the dollar.

The Glazers have come under fire ever since they took over in 2005 as part of a leveraged £790m buyout that saddled the majority of debt on United.

The American owners have been in talks through investment bankers Raine Group with a number of interested partners including a Qatari bid led by Sheikh Jassim Bin Hamad Al Thani, British tycoon Jim Ratcliffe and several US-based hedge funds.

The Glazers are open to selling the club but they are believed to be asking for at least £6bn

There were no comments from Richard Arnold (second right) as United released their results

The Glazers are open to selling at the right price but will also consider giving up a minority stake in United that would see them stay in power at Old Trafford.

The latest figures show that the family have not taken a dividend in the second quarter, having been heavily criticised for pocketing the bulk of a £11m pay-out in June.

The results showed once again why there is so much interest in United with commercial revenues up 22 percent, driven by a growth in sponsorships, and record sales of tickets, hospitality and memberships.

However, the overall loss in revenue has been caused by a drop in match-day income due to two fewer home games being played as a result of the World Cup break in December, and broadcast revenue also falling compared to the previous year because United are competing in the Europa League rather than the Champions League.

The club's balance sheet has also been hit by instalments due on Casemiro, Antony, Lisandro Martinez and Tyrell Malacia who were signed at a total cost of £220m last summer.

United's cash reserves are down to £30m even though the club withdrew £100m from a revolving credit facility in the six months to December 31 - taking their total borrowing from the facility to £200m. However, sources expect the entire amount to have been paid back by the time the next results are published on June 30, with monies from sponsorships and season ticket sales set to swell the coffers.