Manchester United released quarterly results yesterday that showed the club's revenues dropped in the three months ending 31 March by £4.4m, to £70.8m compared to £75.2m in 2011. That drop would have been greater had there not been increased sponsorship income of £3.5m.
The figures also showed that United spent £71m on a buyback of bonds and on interest payments over the past nine months. The club's net debt has risen by £26m.
The former England striker Michael Owen said yesterday that United had not offered him a new contract, after three injury-hit years at the club.
Owen said: "At 32, I owe it to myself to have two or three years and play a bit more – but for somebody else."