MANCHESTER, England — Manchester United attributed a half-year loss of $18 million to the impact of U.S. President Donald Trump’s tax overhaul but said it would not affect the English Premier League club’s ability to comply with soccer’s financial regulations. The U.S. corporate tax rate was cut from 35 per cent to 21 per cent in December. 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 ($68 million), United said on Thursday. It led to United 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. United’s revenue rose 10 per cent year-on-year to 304.9 million pounds.

Source: National Post February 08, 2018 13:25 UTC