Manchester United's full year results will today lay bare the financial tensions of the Glazer era and further fuel the ire of the owners' critics. The club made record operating profits but still recorded huge overall losses due to interest repayments and one-off costs related to a £509m bond issue.

It is understood the results will reveal that the club's operating profits topped £100m for the first time, thanks to increased matchday, broadcasting and commercial revenues.

The figures will be closely watched by analysts and fans to see whether the Glazers have taken up to £70m from the club's cashflow to service the £225m in high-interest PIK loans secured against their shareholding in the club. On top of that, the club has more than £520m in bond debt on its balance sheet.

The bond issue made provision for up to £70m to be drawn down by the Glazers to their holding company to pay off the PIK loans. But indications from the club last night suggested that the facility remained untouched. The interest on the PIK loans increased to 16.25% in August.

The net loss will have grown further from the £66.5m figure reported three months ago as a result of the depreciation for intangible assets. That figure was so high largely as a result of a £40.6m write-down on an interest rate swap that had to be paid when the club launched its controversial bond offer at the beginning of the year, and £19m lost on fluctuating exchange rates. The full picture will emerge when results are made public today, and the club is braced for further protests from the Manchester United Supporters' Trust, which mobilised the popular green and gold campaign last season.

Although fans' groups who have campaigned against the Glazers will point to the huge annual losses as further evidence that the Americans' ownership has acted as a huge drag on finances, the club will tell analysts and bondholders that the growth in operating profits shows they can continue to grow and generate enough money to invest in the team and facilities.

Despite playing fewer home matches than in the previous year and reaching only the quarter-finals of the Champions League, increased ticket prices and the growth of overseas commercial revenues boosted increased profits. That will do little to assuage fan fears that too much of United's growing cashflow is still being swallowed up in interest payments and not enough invested in the squad.

The chief executive, David Gill, was forced to admit that the club was 2,200 season tickets short of its 54,000 target in the summer following calls for a boycott. But although there is evidence of reduced demand, all the club's home games this season have sold out.