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, ending December 31, 2017, is up four per cent to £163.9m from the same period the year before, 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.
An explanation in the accounts read: "This necessitated a re-measurement of the existing US deferred tax position in the period to 31 December 2017.
"As a result the current period tax expense includes a non-cash tax accounting write off of £48.8 million.
"Accordingly, this has resulted in a loss for the period and basic and diluted loss per share for the period."
United currently sit second in the Premier League, 13 points behind runaway leaders Manchester City , and kick-off their Champions League last-16 tie against Sevilla this month.
Executive vice-chairman Ed Woodward said: "Our solid business model has allowed us to invest in the future of the club with the extension of Jose Mourinho's contract as manager and the acquisition of Alexis Sanchez .
"We look forward to the remainder of the season with confidence."