Manchester United has reduced its gross debt in its financial first quarter after the Glazer family used the proceeds of the club's flotation to pay off £62.6m of bonds. Gross debt fell to £359.7m in the three months to 30 September 2012, down 17% on a year earlier. More at BBC News - Manchester United reduces debt to £359.7m Now if that was a "normal" business the banks would be in court & winding the companies up. Directors would be banned & possibly go to jail? So whats different here?