A lack of broadcasting revenue due to no Champions League football, plus exchange rates, have seen debt increase, but the club have reduced their wage bill by €3.9 million.
Manchester United have recorded an increase in debt to €514.9 million in their latest financial results.
The 20-time Premier League champions' overall debt rose by €32.1m from the previous three-month figures, with the exchange rate between the US Dollar and Pound Sterling contributing in part.
Overall revenue is down to €143m (14 per cent) from 12 months ago, largely due to the reduced broadcast revenue as a result of the club's absence from Champions League football and an early exit in the League Cup.
However, the club's wage bill is down by €3.9m (5.6%) despite the British-record arrival of Angel Di Maria and Radamel Falcao on loan commanding big salaries, with the likes of Rio Ferdinand, Nemanja Vidic and Patrice Evra all leaving in the summer.
United's chief executive Ed Woodward is upbeat despite the reduction in income, citing the newly-agreed Premier League television rights deal which is set to start from 2016.
"The recently announced Premier League broadcasting rights package for 2017-19, representing an increase of just over 70%, once again demonstrates that we are part of the top football league in the world," Woodward said in a statement.
"Notwithstanding no European football this season, our Revenues and EBITDA remain strong and demonstrate the underlying strength of our business model, with commercial revenues up year over year.
"On the pitch, the team is well positioned to challenge for a top-four finish in the Premier League and we look forward to the rest of the season."
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#CITYHITZ SPORT: Manchester United debt rises to €514.9 million
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