Manchester United have blamed Donald Trump's United States tax reforms for notable losses made in the second half of 2017.
The U.S. president introduced reforms that saw the corporate tax rate cut from 35 per cent to 21 per cent, and American-owned United were forced to make an accounting write-off of £48.8 million as a result, per Sky News.
The Premier League outfit, owned by the Glazer family and listed on the New York Stock Exchange, recorded a half-year loss of £12.87 million, but the club's chief financial officer, Cliff Baty, said the tax changes would benefit United in the long term, per Sky News:
"[The tax changes] should be beneficial to the club in the long term; however, we are still working through the details of the potential impact of the more complex aspect of the reforms with our advisers. This is a non-tax accounting charge only, which has no impact on our financial competitiveness nor our ability to meet Financial Fair Play regulations."
Executive vice-chairman Ed Woodward added that the club's "solid business model" had still allowed them to make key investments including extending manager Jose Mourinho's contract and signing Alexis Sanchez from Arsenal.
Portuguese Mourinho is now tied to the club until 2020. His previous deal was set to expire at the end of next season.
Meanwhile, Chile international Sanchez, 29, netted his first goal for United in his home debut against Huddersfield Town last Saturday.
Though United are unlikely to win the league this season, they do look on course for their best finish in the English top flight since 2013, when the Manchester giants won the title in Sir Alex Ferguson's final season in charge.