Flotation proceeds, transfer profits and several new sponsorship and operational deals saw the Red Devils cut their gross debt by 17 per cent and post a record first quarter
Since buying the club in 2005, the Glazer family have received a great deal of criticism for burdening the Old Trafford outfit with debt used to purchase the club.
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Though broadcasting revenue fell 37.4 per cent, in part due to the Red Devils' early exit from the Champions League, total revenue increased 3.4% to £76.3m.
"Manchester United had a record first quarter driven by our commercial operation, which continues to experience extremely strong global revenue growth in new media and mobile, retail merchandising and sponsorship," said executive vice-chairman Ed Woodward.
"The team has also made a strong start to the 2012-13 season - currently first place in the Premier League and first place in our Champions League group."
Revenue from commercial operations increased 24.3% to £43m thanks to 10 new sponsorship deals, the largest being the seven-year £357m shirt deal with General Motors.