EPL club Manchester United's losses rise despite a year of record revenues

Manchester United reported losses of 113.2 million pounds (USD 148 million) in its latest accounts Wednesday for the year ending June 30, despite record revenues of 661.8 million pounds (USD 866 million).

The Premier League club, which was subject to a partial buyout from British billionaire Jim Ratcliffe this year, said the figures were in part because of increased spending on players.

The league's profit and sustainability rules (PSR) allow clubs to lose a maximum of 105 million pounds (USD 137 million) over three years or face sanctions. Last season Everton and Nottingham Forest were handed points deductions for breaking those rules.

Despite the losses, United said it remained in compliance with the financial rules of both the league and Europe's governing body, the Union of European Football Associations (UEFA).

PSR is related to more than just net losses, with allowances given for spending in areas such as infrastructure. United has undergone an extensive restructuring program