- Associated Press - Tuesday, March 22, 2011

LONDON (AP) - The American-owned holding company of Manchester United recorded a net loss of $171.5 million last season.

The Glazer family’s Red Football Joint Venture Limited incurred a $105.9 million expense to refinance high-interest bank loans.

Unlike the previous season, the team did not sell any high-profile players. Cristiano Ronaldo’s move to Real Madrid helped the club’s parent company to a $10.5 million net profit for the previous season.

But in the annual report for the year ending last June 30, director Joel Glazer says the club has “sufficient cash reserves … for investment in the playing squad.”

The Glazers also own the Tampa Bay Buccaneers.