Man United owners lost $171 million
LONDON -- The American-owned holding company of Manchester United recorded a net loss of $171.5 million last season.
The Glazer family's Red Football Joint Venture Limited incurred a $105.9 million expense to refinance to replace high-interest bank loans.
Unlike the previous season, the team did not sell any high-profile players. Cristiano Ronaldo's move to Real Madrid helped the club's parent company to a $10.5 million net profit for the previous season.
But in the annual report for the year ending last June 30, director Joel Glazer says the club has "sufficient cash reserves ... for investment in the playing squad."
The Glazers also own the Tampa Bay Buccaneers.
Copyright 2011 by The Associated Press