Red Football, the holding company which owns Manchester United Football Club (MUFC), has reported a pre-tax profit of £48.2m for the year ending 30 June 2009, compared with a £21.4m loss for the previous year.

The Premier League club's turnover increased by 8.7 per cent to £278.5m during the 12-month period, which was significantly boosted by the transfer of midfielder Cristiano Ronaldo to Spanish club Real Madrid for £80m. However, the results have also shown that nearly £42m was paid in interest on a loan taken out by the Glazer family to complete the acquisition of MUFC in 2005. The club is also reportedly set to launch a bond issue to help refinance its existing debt.

Karish Andrews, associate at London-based law firm Lewis Silkin, said: "The Glazers are clearly struggling to reduce the debts of the club following their acquisition in 2005 and the ensuing credit crunch. "While refinancing its debts might be one solution, keeping revenues as high as possible will be vital. Fans will, of course, have noticed that relatively little of the proceeds from Ronaldo's sale was reinvested in new players over the summer."