Manchester United have blamed US President Donald Trump and his tax policies for incurring a £21.1 million half-year loss.
The US President cut the US corporate tax rate from 35 percent to 21 percent in December last year, forcing the American-owned club to write off £48.8 million.
Manchester United revealed their financial reports on Thursday where they reported that the club which is listed on the New York Stock Exchange had made a £28.7m profit for the second quarter of 2017.
United also provided an explanation as to why they had to write off £48.8 million.
A footnote at the end of the statement read(as reported by the Mirror): “The US federal corporate income tax rate has reduced from 35 percent to 21 percent following the substantive enactment of US tax reform on 22 December 2017.
“This necessitated a re-measurement of the existing US deferred tax position in the period to 31 December 2017. As a result, the loss for the three and six months ended 31 December 2017 includes a non-cash tax accounting write off of £48.8m.