United make record loss for last year

Manchester United's owners made a loss of 108.9 million pounds (178.4 million dollars) last year, their accounts revealed when they were released on Tuesday.

The loss by Red Football Joint Venture, the parent company set up by the Glazer family to run United, includes some one-off costs from setting up the 526 million pound bond scheme last year to replace their bank loans.

A lack of income from selling players also contributed to the loss for the year ending in June.

The previous year the company had recorded 21 million pound profit largely because of the 80 million pound sale of Cristiano Ronaldo.

Last year's losses included 30.2 million pound interest on the 220 million pound payment in kind (PIK) loans, which have since been paid off.