Glazer's Man U posts pretax loss of $65.9-million
MANCHESTER, England (AP) - Manchester United's parent company posted a pretax loss of $65.9 million last season despite an improved operating profit by the club after winning both the Premier and Champions League.
Figures released on Thursday by Companies House showed that United's operating profit went up by $7.35 million to $118.3 million in the fiscal year ending June 2008. The results revealed increased TV revenues and bonuses from title successes, confirming that the club maintains a strong marketing brand around the world.
But the continued debt repayments by Buccaneers owner Malcolm Glazer, who took out a loan to buy the club in 2005, meant the balance sheet showed another loss.
The club is also looking for a new shirt sponsor to replace American International Group (AIG), which collapsed last year and was bailed by the U.S. government.