 Manchester United received a world record £80m for Cristiano Ronaldo
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Manchester United has said it plans to raise £500m through a bond issue in order to refinance 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.
The profit includes the £80m fee the club received from Real Madrid for Cristiano Ronaldo last summer.
US businessman Malcolm Glazer bought the club for £790m in 2005, borrowing heavily to do so.
Group turnover rose to £278.5m from £256.2m the previous year.
There has been much speculation in recent weeks that United was considering a bond issue to address its debts.
Although no total debt figure was disclosed in the results announcement, it has previously been reported as £699m.
The Old Trafford club paid £41.9m in interest on a £509.5m loan.
Without the sale of Ronaldo, the reigning English Premier League champions would have reported a loss of £31.8m.
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