Manchester United have reported pre-tax profits of £48.2million for the year to June 30, with turnover also up from £80.4m in 2008 to £91.3m.
The figure includes the world record £80m fee collected from Real Madrid for the sale of Cristiano Ronaldo and also £41.9m paid out in interest on a mammoth loan of £509.5m.
The figures were released on a morning when United officially confirmed their intention to raise £500million through bonds in order to refinance their debts.
While United are at least in profit once more, the figures merely emphasise what a drain on resources their debt position is.
Without the sale of Ronaldo, the Red Devils would have been reporting a loss of £31.8million, a situation that clearly is unsustainable over the long term, hence the Glazers' refinancing plans.
"Manchester United today announced that it will be seeking to raise approximately £500million aggregate principal amount from an offering of senior secured notes due 2017," said a United statement.
"The notes, whose proceeds will be used to refinance existing debt secured against the club, will be issued by MU Finance plc."
Because the "senior secured notes" will be used to pay off the club debt, they will not touch the controversial £175million worth of payment-in-kind notes that are currently attracting 14.25% interest.
They are the Glazers' personal debt, so another avenue will presumably be pursued to try and reduce that interest, which is rolling up annually at a staggering rate.
In stark contrast to the days when United were a successful PLC and offered plenty of financial information on a six-monthly basis, including being a forerunner in stating what agents' fees they had paid out, now there is no financial requirement to do so, it is kept to a minimum.
Clearly though, there are areas of improvement, including confirmation that American finance giant Aon will be new shirt sponsors next season, while more sponsorship deals have been announced, underlining the massive attraction United remain across the globe.
Yet many supporters remain concerned about the financial structures underpinning the club, even if as recently as Friday, Sir Alex Ferguson tried to quell any fears, insisting the decision not to spend three-quarters of the cash received for Ronaldo was his alone.
"I don't have any concerns about the financial situation," he said.
"There is absolutely no issue at all. I am really confident about that.
"Concerns of the supporters are down to the fact that I haven't moved in the transfer market. But that is nothing to do with the Glazers or with David Gill.
"It is simply because I am not going to pay £50million for a striker who is not worth it."
Red Football Ltd - the holding company of Manchester United Ltd - has published the following summary for the financial year ended 30 June 2009.
Group turnover for the year was £278.5 million (2008: £256.2 million). Operating profit before depreciation and amortisation of intangible fixed assets for the year was £91.3 million (2008: £80.4 million). Profit before tax for the year was £48.2 million (2008: Loss of £21.4 million).
The Manchester United team maintained a very high level of performance on the pitch, winning the Premier League for the third consecutive season, winning the Carling Cup, and finishing runners up in the Champions League. In addition to this, the team were crowned World Club Champions.
During the year Old Trafford staged 34 major events, including 19 Premier League home games, 6 UEFA Champions League, 5 domestic cup, 1 friendly and the Ole Gunnar Solskjaer testimonial), the Engage Super League Grand Final and an international rugby union fixture between Argentina and England.
Manchester United secured a new shirt sponsorship deal during the year with Aon who will become the new principal shirt sponsor and will succeed AIG from the commencement of the 2010/11 season. Manchester United also welcomes a number of significant new commercial partners, including 3 Indonesia, Bharti Airtel and Hublot as our official time keeping partner. In addition, we welcome back Audi as our car partner.