11 Oct 2010

Man U post loss for the year

7:59 am on 11 October 2010

The English football club Manchester United has made a full-year loss of almost $178 million, which it says is due to managing the cost of debt.

The club, third in the Premier League, posted a record operating profit of close to $214 million, after increased broadcasting and commercial income, but made a loss when interest charges and the cost of restructuring debt were added on.

United also had lower matchday revenues on last year, following the side's exit from the Champions League in the quarter-finals, and the FA Cup in the third round.

The loss has added more ammunition to critics of the Premier League club's American owners, and will likely add to a debate in Britain about club ownership, after rivals Liverpool agreed to a sale to American owners in a bid to rid themselves of debt.