Manchester United reports losses of $132M

Manchester United has reported a record overall loss of $132 million last season, despite operating profits exceeding $158 million for the first time.

The English Premier League giant's record losses are a big swing from the $40 million profit in the previous financial year, which came after the sale of star Cristiano Ronaldo to Real Madrid for a world record $126.7 million.

Matches were played last season against the backdrop of mounting protests against the club's American owners, the Glazer family, as heavily-indebted United missed out on a fourth straight league title.

United did show the strength of its global commercial operations in the year up to June 30 by reporting a record turnover of $454 million.