Piano FC announces £29m loss in second financial quarter after spending so much on Sanchez’s wages.

Manchester United have recorded a second-quarter loss – but it will not affect the club in terms of competitiveness or financial fair play.

The Red Devils continue to expect revenues for fiscal 2018 to be between £575million and £585million – the third successive year they will earn more than half a billion pounds.

Revenue for the second quarter is up four per cent to £163.9m, but the accounts show a £29m loss for the period.

Wages have increased by 9.4 per cent to £69.6m, thanks in no small part to United’s Champions League return, and a deferred tax asset has been impacted by the corporate income tax rate in the United States dropping from 35 per cent to 21 per cent.

A revaluation of that asset means a “non-cash tax accounting write off of £48.8 million” is shown in the figures.