Manchester United reports half-year loss due to U.S. tax overhaul

Manchester United's Romelu Lukaku, right celebrates after scoring his sides 3rd of the game during the English Premier League soccer match between Manchester United and Stoke City at Old Trafford in Manchester, England, Monday, Jan. 15, 2018. (Rui Vieira/AP)

MANCHESTER, England — Manchester United says a half-year loss of $18 million is the result of U.S. President Donald Trump’s tax overhaul.

The U.S. corporate tax rate was cut from 35 per cent to 21 per cent in December.

United says the changes required the team, which is owned by the American Glazer family and listed on the New York Stock Exchange, to make an accounting write off of 48.8 million pounds ($6.8 million).

It led to United on Thursday reporting losses of 12.87 million pounds in the first half of the financial year after making a profit of 18.7 million pounds in the six months to Dec. 31 2016.

Trump referenced United being owned by a friend in a recent interview with British broadcaster Pier Morgan.

United’s revenue rose 10 per cent year-on-year to 304.9 million pounds.

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