Manchester United have reported pre-tax profits of £48.2million for the year to June 30, 2009.
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.
Turnover was also up, from £80.4m in 2008 to £91.3m a year later.
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 Glazer's 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."