Manchester United have racked up an eye-watering record debt, but their finances show a positive outcome from the proceeds of Antony and Alejandro Garnacho's sales. The club's total debt has climbed to a record £1.29 billion ($1.72b), driven by fresh borrowing and the long-standing legacy of leveraged ownership. Yet beneath the headline figure sits a more nuanced picture, one shaped by aggressive cost-cutting, a rare operating profit, and timely player sales that have softened the blow.According to the quarterly figures, United’s operating debt has reached an unprecedented £749.2m ($1b), following an additional £105m ($140m) drawn down during the most recent reporting period. When combined with non-current liabilities of £216.3m ($289m) and current liabilities amounting to £323.4m ($431.5m), the club’s overall debt burden now stands £60m ($80m) higher than it did a year ago. Much of that liability reflects transfer fees still owed to other clubs, with a significant portion payable within the next 12 months. While such deferred payments are common across elite football, the cumulative scale at Old Trafford remains striking.There has, however, been tangible progress in other areas. The impact of the restructuring programme overseen by minority owner Sir Jim Ratcliffe is now evident in the numbers. United posted an operating profit of £13m ($17m) for the three months up to September, a dramatic turnaround from the £7m loss recorded over the same period last year. Close to 500 jobs have been cut as part of a sweeping redundancy drive aimed at reducing expenditure and streamlining operations. The club’s wage bill for players and staff has fallen by 8.2 per cent to £73.6m ($98m), now accounting for 52.5 per cent of total revenue, down from 56 per cent a year earlier. Overall expenses are also down by just over seven per cent. Despite these savings, costs remain a heavy anchor. Interest and related charges of £21.4m ($28.5m) pushed United back into the red at pre-tax level, resulting in a loss of £8.4m for the quarter. Twelve months earlier, the club had posted a modest profit of £1.6m before tax.United’s revenues for the quarter came in at £140m ($187m), representing a two per cent decline year on year. The primary reason is the club’s absence from European competition this season, compounded by two fewer home fixtures during the period. The club has nevertheless reiterated confidence in its broader outlook, forecasting full-year revenues in the region of £600m ($801m) to £640m ($854m) alongside EBITDA of between £180m ($240m) and £200m ($276m). The long-standing American loan tied to the Glazer family’s 2005 takeover remains unchanged at $650m ($867m), or approximately £481m ($642m), continuing to cast a long shadow over the balance sheet.One clear positive emerged from the transfer market. The departures of Antony to Real Betis and Alejandro Garnacho to Chelsea generated £60m ($80m) in sales proceeds, playing a key role in delivering the club’s operating profit for the quarter. Those exits not only provided immediate cashflow but also eased wage commitments, reinforcing the financial logic behind difficult sporting decisions.Chief executive Omar Berrada framed the results as evidence of progress rather than decline. He said the figures highlighted the "resilience" of Manchester United as it undergoes a structural transformation."These robust financial results reflect the resilience of Manchester United as we make strong progress in our transformation of the club," Berrada said. "The difficult decisions we have made in the past year have resulted in a sustainably lower cost base and a more streamlined, effective organisation equipped to drive the club towards improved sporting and commercial performance over the long term. That has helped us to invest in our men’s and women’s teams."Add GOAL.com as a preferred source on Google to see more of our reportingOn the pitch, attention now turns to a demanding festive schedule that could shape the mood of the fans heading into the New Year. United begin with a home meeting against Bournemouth on Saturday. They then travel to Aston Villa on December 21 before hosting Newcastle United in the Premier League's sole Boxing Day fixture. The calendar year closes with another Old Trafford outing, this time against Wolves on December 30.