Manchester United posts fifth straight year of financial losses

Manchester United on Wednesday reported a bigger annual net loss, marking the fifth consecutive year of financial losses for the English club, and said core profit this financial year could be lower due to its restructuring initiatives.
Its net loss widened to 113.2 million pounds ($148.14 million) in the year ended June 30, from 28.7 million pounds a year earlier.
($1 = 0.7641 pounds)